Edison Investment Research - SciSys PLC Encouraging start to FY16 is extended

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Edison Investment Research

Encouraging start to FY16 is extended

SCISYS says it has maintained the encouraging start to the year, as reported at the AGM in June. Strong cash generation has continued, with net cash rising from £0.3m at end-April to £1.4m at end-June. Around half of group revenues are in euros, and if the euro-sterling exchange rate remains around current levels throughout FY16, SCISYS has indicated that current FY16 consensus forecasts will be significantly exceeded even after allowing for hedging impacts. We will review our forecasts following the interims in September, when we will have more information. Given the scope for upgrades, in combination with a strong balance sheet, we believe the stock looks attractive on c 12x our FY17e earnings.

16/08/2016 3 EN

Underlying

SciSys PLC

SciSys designs and delivers bespoke software systems, customized product solutions and professional services. Co. has four divisions: Space, which combines work for space institutions in specialist research and development with marketing and delivers commercial off-the-shelf software, and bespoke software solutions to commercial space operations; Enterprise Solutions & Defense, which creates software systems across defense, security and maritime, government and emergency services, and commercial business groups; Media & Broadcast, which provides radio broadcasting solutions, the dira! software solutions suite; and Xibis Ltd, which is a software house focuses on web and mobile-app solutions.

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GB0001520757 Berlin Stock Exchange United Kingdom

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Encouraging start to FY16 is extended

SCISYS Group - GBP23m of new business since mid-December

SCISYS - Strong H1 but more balanced year is expected

SCISYS - An â€œimpressive startâ€ to 2018

Actinogen Medical - Funding in place to complete XanaMIA Phase IIb

Games Workshop Group - Sigmar the fourth

Datatec - Encouraging H1 across all divisions

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SCISYS - An â€œimpressive startâ€ to 2018