Source - SMW
Scisys said it has made a promising start to 2017, with particularly encouraging order intake and cash flow, with directors confident that FY revenues and profits are comfortably on track to meet current guidance.

"In keeping with the pattern over the past five years which will be further emphasised by ANNOVA's trading pattern, we anticipate that the second half-year financial performance will be substantially stronger than the first half," it added.

Cash generation for the year to date was strong, helped by the receipt of overdue payments from the Ministry of Defence and a tax credit from HMRC that was deferred from 2016. The year-end net debt figure of £10.2m had reduced to £7.8m by the end of April.

Boosted by the sales success, the Group order book at the end of March was 4% ahead of the year end position at £67.1m. 

Of this figure, £37.8m was deliverable after 2017. "Only committed purchase orders contribute to the reported order book - framework contracts are not reflected in the figures."

"Based on the (company's) performance to date, a strong order book and an encouraging pipeline of opportunities for new business, the directors are confident that full year revenues and profits are comfortably on track to meet current guidance," it said.