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Technology / AI and automation

SD-SCICON PLC SOARS AT PRE-TAX LEVEL AS IT LOOKS FOR A MAJOR ACQUISITION

SD-Scicon Plc yesterday announced its first annual results since its forerunner, Systems Designers Plc acquired the Scicon Group last spring, and the immediate reaction was a 2.5 pence rise in the share price to 72.5 pence. Net profits rose by 70% on a UKP222m turnover, up 165%. Chairman and chief executive Philip Swinstead said he was particularly pleased to see the Scicon side of the house return to profitability and claimed that the combination of System Designers and Scicon was a smashing one. Since the acquisition SD-Scicon has expanded its business on the continent, especially in France and Germany. However, it is still a niche player in the US where its main business is in the financial markets and in vehicle emission systems. Jeremy Jerram, group finance director, sees this as an area which will grow in an increasingly green Europe. Future plans include acquisitions on a grand scale, but as Jerram explained, UK interest rates and the tackling of the US budget deficit could mean slower growth than anticipated.

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CBR Staff Writer

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