Update: Looking to a brighter FY16
While the H115 numbers are marked by an untypical problem project, the underlying picture is looking brighter at SCISYS. The group has been winning some good business, such as a renewed framework contract with the BBC, and it has a healthy pipeline of opportunities, while some modest strengthening of the euro also helps. The long-term goal to generate revenues of £60m+ and double-digit margins remains in place, though the target has clearly slipped back from FY18. Nevertheless, this objective keeps the shares looking attractive trading on c 10x our FY17e earnings.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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