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2017 was a transitional year for Scisys Plc (LON:SSY), with the key Space division flying and ANNOVA’s integration progressing in line with expectations. The attainment of an €18m prime contractor role in H2 is a significant endorsement of SCISYS Space’s proprietary PLENITER software suite, with which SCISYS is targeting the commercial space sector. In August, ANNOVA achieved a key milestone with its BBC contract, which means it is trading ahead of initial management targets. This comes on the back of H1 results, which revealed 6% organic growth across the group and a record half-year order book. Management’s goal to achieve £60m in revenues and double-digit margins within three to five years looks conservative, and we believe the stock looks attractive on c 11x our maintained FY18e EPS.
Pre-close trading update
SCISYS says that its “trading results will comfortably meet current market guidance, both in respect of revenues and adjusted operating profit.” The order book is at record levels, and cash flow was “particularly healthy”, with year-end net cash £0.6m better than we forecasted at £5.9m.
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