For the year to December 31, 2002, CodaSciSys reported a net profit of 3.2m pounds ($5m), up from a net profit of 2.2m pounds ($3.4m), on revenue that rose 2.4% to 66.4m pounds ($104.3m), from 64.8m pounds ($101.8m) in 2001. At the pre-tax level, profit was up 9.8% at 7.5m pounds ($11.8m), from 6.8m pounds ($10.7m) in 2001.
CodaSciSys provides IT services and business solutions, and operates as two divisions. The Coda division provides financial analytics and accounting solutions, while the SciSys Division concentrates on delivering software services, and designing and building systems using third-party software.
During the previous year, the Coda division remained the principle breadwinner, with operating profit rising 25% to 6m pounds ($9.4m), from 4.8m pounds ($7.5m) in 2001. Revenue rose 6.5% to 40.3m pounds ($63.3m), from 37.9m pounds ($59.5m) in 2001.
Meanwhile, the SciSys Division reported operating profit down 14.2% at 1.7m pounds ($2.6m), from 2m pounds ($3.1m) in 2001, after facing challenging market conditions and pressure of fee rates. Revenues declined 3.3% to 26m pounds ($40.8m), from 26.9m pounds ($42.2m) in 2001.
The Chippenham, UK-based company ended the year with 9.4m pounds ($14.7m) net cash, compared with 3.3m pounds ($5.2m) in 2001. It also proposed a final dividend of 2.4p ($0.03) per share, giving a total of 3.4p ($0.05) for the year, an increase of 13.3% from the 3.0p ($0.05) per share in 2001.
During the year, the company completed its 9.1m pound ($14.4m) acquisition of Squaresum Plc, a Harrogate, UK-based developer of accountancy software.
Looking forward, the company was cautious about the overall market conditions, and predicted further price pressures and lengthening of sales cycles. However, the management has predicted modest growth in 2003.
Source:Computerwire
