SCISYS, the West-based specialist IT group, today blamed foreign exchange movements and a reduction in low-margin resale activity for a fall in annual revenue.
However, operating profits at the group, which supplies a range of sectors from space and defence to media with high-end systems, climbed 13% to £2.7m despite the 7% decline in total revenues to £39.5m.
The firm has its HQ in Chippenham and a site in Bristol as well as bases in Germany. During the year to December 31 it boosted its space business with the earnings-enhancing acquisition of German firm MakaluMedia Internet and Engineering Services.
Projects completed during the year included switch over to UK digital television in time for the Olympics. SCISYS supplied the monitoring and control system to Arqiva, including equipment in 1,500 transmission sites.
Chairman Mike Love said: “Although the UK public sector market remains constrained, there is some reason to believe that new opportunities are returning in this market.
“This, along with the strength of the group’s order book and good pipeline of new opportunities that the group has in its other markets, gives the board confidence in meeting market expectations for 2013.”
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