Business
Preliminary Results
Preliminary Results.
About this update from Sysgroup Plc
[{"type":"text","content":"\n System C Healthcare plc\n12 September 2007\n\n\n System C Healthcare plc\n\n Preliminary Results for Year Ended 31 May 2007\n\n\nSystem C Healthcare plc (\"System C\"), a leading independent provider of IT\nimplementation solutions for the UK healthcare sector announces its results for\nthe year ended 31 May 2007.\n\nHighlights of the Year\n\nFinancial highlights\n\nWe are reporting our Financial Statements under International Financial\nReporting Standards (\"IFRS\") and comparative results for the year ended 31st May\n2006 have also been restated in accordance with IFRS.\n\nYear ended 31 May Audited Audited\n 2007 2006\n £m £m\nTurnover 13.5 16.1\nProfit from operations 0.6 0.1\nProfit before tax 1.3 0.7\nCash generated from operations 2.1 0.5\nBasic earnings per share 1.09p 1.27p\n\nOperating highlights\n\n• Annual revenues of £13.5m (2006: £16.1m).\n• Withdrawal of Accenture from the National Programme for IT impacted\n on Services Division revenue in the year (£10m compared to £12.6m in\n prior year)\n• Expansion and diversification of customer base with tight management of our \n costs increased our profit from operations to £0.6m (2006: £0.1m) and our \n profit before tax to £1.3m (2006: £0.7m)\n• Strong cash generation with net cash generated from operations of £2.1m \n (2006: £0.5m)\n• Net cash at bank of £10m (2006: £8.0m)\n• Successful operational delivery of our major contracts. We now have contracts \n with four out of the five Local Service Provider partners (LSPs) in the\n National Programme for IT (NPfIT)\n• Cost base reduced by over £2.5m (annualised savings) during the year\n• Recent contract wins include Isle of Man Government, NHS Connecting for \n Health, Diagnostic Treatment Centres and NHS Trusts with a total contract \n value for System C of over £13m over 5 years. These form the bedrock \n for future growth.\n\nCommenting on the results Jim Horsburgh, the Chairman said\n\n\"This has been a tough year where much has changed in both our market \nenvironment and within our business. I am pleased by the way the group has \nresponded to these difficult challenges, with the second half of the year in\nparticular showing significant benefits from the changes we have made. We have a\nsolid platform from which to go forwards and although it is still early in the \ncurrent financ...