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bullish

SCISYS - Strong H1 but more balanced year is expected

158 Views20 Sep 2018 09:59
Issuer-paid
SUMMARY

SCISYS has reported a strong H1 with professional fees jumping 24%. However, this was off a weak H117 and some business was brought forward from H2. Consequently, we are forecasting a more balanced H1/H2 in FY18. We have increased our FY18 revenues by £3.0m to reflect this balancing, but we have maintained our profit forecasts. All divisions posted record revenues, the order book remains robust at close to £100m and net debt continues to decline. Management’s goal of £60m in revenues and double-digit margins within the next few years looks increasingly conservative and we believe the stock is solid on c 14.6x our FY19e EPS.

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  • SCISYS - Strong H1 but more balanced year is expected
    20 Sep 2018
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