FY15 results reveal that the difficult H1 is firmly behind it, as SCISYS bounced back with a strong H2. In H1, SCISYS was hit by difficulties in a major fixed-price development project, but this was fully resolved in October. The group has a healthy order book of £37.2m, c 23% ahead of a year earlier, of which £25.8m is scheduled for delivery in FY16. Hence 69% of FY16 revenues are already in the bag and the group has a healthy pipeline of new business. SCISYS has a medium-term goal to return the business to 8%+ operating margins, which leaves the shares looking attractive trading on c 9x our FY17e earnings (based on a 6.6% margin).
