Retail and manufacturing software company, Sanderson, reported in a trading update today that it has won more business from new customers in the first five months than in the whole of the previous financial year. Continuing the improvement reported at its prelims (Sanderson shaping up for return to profit) the company says that new products and services are helping to win new business in both manufacturing and retail. Order intake, revenue, profitability and cash generation are all ahead of the previous year. However Chairman Chris Winn notes that there is still an uncertain outlook, and trading conditions remain tough, hence he is “cautious but confident.” Despite the caution in his statement, Sanderson shares have jumped 11% this morning following the announcement.
Articles tagged: trading
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Thursday 11th March 2010
Sanderson cautious but confident as customers start buying
Posted by Philip Carnelley at 09:05 - 0 comments -
Wednesday 10th March 2010
Anite – the crucial two months
At the half-way stage last year, Anite CEO Chris Humphrey advised that Q4 would be more than usually critical to its FY results (see Loss-making Anite nails colours to wireless mast). In today’s Q3+ IMS, he reiterated that statement. With less than two months to go to year-end there seems to be no material change to management’s expectations or indeed to the business signals. Travel revenues were down, Wireless up. Net net, Q3 revenues down yoy, but order books were rising in both divisions.But as we said last time, it’s all down to Anite’s LTE (4G) proprietary testing products, now that it has severed its relationship with Agilent. Management reports positive customer sentiment and Q3 revenues higher than the whole of first half. But the level of uncertainty repeated in today’s statement is not hugely encouraging.
Posted by Anthony Miller at 09:31 - 0 comments -
Friday 26th February 2010
No new surprises from Harvey Nash
After issuing a profit warning in November (see Black October spurs Harvey Nash profit warning), recruitment and offshore IT services player, Harvey Nash, reported that the last few months of its FY (to 31st Jan) went as expected, according to today’s trading update. However, this will leave FY revenues down 12% at around £375m, and adjusted PBT ‘no less than £4m’, down nearly 60%. But it’s still a profit, and there’s still a divvie!
CEO Albert Ellis didn’t venture to muse on whether the market had stabilised, a sentiment which Alistair Cox, CEO of much larger peer, Hays, referred to – albeit cautiously – yesterday (see Hays’ results reflect tough market). We’ll hear more from Harvey Nash at the end of April.
Posted by Anthony Miller at 07:59 - 0 comments -
Thursday 18th February 2010
TIG restructuring for the future
Shortly after confirming Andy Roberts as CEO (Andy Roberts takes the reins at TIG) The Innovation Group has issued an in-line trading statement for the year. Under the covers, however, it reports that Roberts is sorting things out.Following Roberts’ business review of earlier, two underperforming divisions will be “restructured” and consequently the company is taking a £3m charge, which it says will yield savings in the second half. Other areas are said to be performing well and the company reports that it has a number of pilot projects with new customers across the UK, US and South Africa, and potential contract size is increasing. The shift in business mix away from software licence sales towards BPO revenues will continue.
Posted by Philip Carnelley at 08:05 - 0 comments -
Wednesday 17th February 2010
Take heed of EDP
OK, they’re tiny but they’ve been around a long time, so it’s worth noting software player EDP’s Interim Management Statement about market conditions, which I reproduce verbatim: “We reported at the end of November that there were signs that our markets had stabilised and that there were some initial signs of increased activity levels although these had not yet translated into increased levels of orders. This continues to be the case with non-recurring revenues running at similar levels to the second half of the previous financial year.”No uptick there, then, and this sentiment I am sure will be echoed by many others in the market. Pipelines may indeed be looking fatter, but I tell you what. The nozzle at the end is still pretty narrow!
Posted by Anthony Miller at 09:01 - 0 comments -
Tuesday 16th February 2010
Intec sees weakness in EMEA
In a trading update today, telecoms billing systems provider Intec said that economic weakness across EMEA is causing delays in customer decisions, and consequently its first half revenues are likely to be down in constant currency (ccy) terms on 2009. However AP and America have been more resilient, and orders are said to be slightly ahead of this time last year. We previously commented (TMV Foundation Service clients see Intec finds rich pastures in emerging countries) that for Intec, AP had the best performance last year and the US had a ‘phenomenal’ second half. Clearly some momentum continues. Intec got 38% of its £168m revenues from EMEA last year, so relative weakness in Europe can be seen in that context. But after 6% ccy growth last year (7% in Europe) the company will see it as disappointing that the strengthening US results have been offset by a weaker EMEA. So have the markets: the share price has fallen 18% this morning.
Posted by Philip Carnelley at 08:25 - 0 comments -
Tuesday 16th February 2010
eg solutions returns to profit
After three years of losses, ‘Little British Battler’ operational management software firm, eg solutions, looks like it has broken the drought. Updating the market on the year’s trading, CEO Elizabeth Gooch reported a small pre-tax profit in 2009 on £4m turnover. The news was consistent with Gooch’s somewhat more upbeat assessment of market conditions a few months ago (see eg solutions wades through the chewing gum). It’s really tough for the tiny, but there’s always room for the worthy. We’ll have more after eg’s prelims in March.Posted by Anthony Miller at 08:22 - 0 comments -
Friday 12th February 2010
Micro Focus Q3 in-line
Micro Focus this morning issued a trading statement for its Q3 saying that organic revenue growth had improved on Q2 and that the trading outlook remained ‘in line.’ The company reiterated that the (acquired) application testing businesses were meeting expectations, with run rates for the year of around $160m. Expectations for profit are for EBITDA margins of 40% – up 1pp on H1 – and the customer pipeline was described as ‘solid.’On the call CFO Nick Bray said that the rise in organic growth included new license sales, especially in ‘large licences’. The company is looking at its channels to further drive improvement in organic development growth. Bray said that he believes there is a genuine opportunity for growth: better execution in service as well as sales will result in improved growth and market share. The opportunities for cross-selling have only really just started to kick in. Maintenance renewals for the Borland products are also expected to improve "to the Micro Focus level" as Micro Focus has brought the process in-house - Borland had outsourced it.
The company finally commented (without further detail) that “the search for a new CEO is progressing well.” Nick Bray explained that the company has said it would like a new CEO in place by the summer, i.e. ready for the new financial year. So the company thinks this is now quite possible.
Posted by Philip Carnelley at 09:10 - 0 comments -
Thursday 11th February 2010
Mouchel ‘increasingly confident’ on prospects
Issuing a trading update that looked more like a bid defence, UK-based BPO player, Mouchel, put the best possible spin on its first half. No further news on the VT Group bid (see Banks ease Mouchel covenant and prior posts), but it seems to me that while Mouchel CEO Richard Cuthbert may well be “increasingly optimistic about the longer term outlook”, this is looking less and less likely as an independent player.Posted by Anthony Miller at 09:08 - 0 comments -
Monday 8th February 2010
RM making 'good progress'
RM CEO Terry Sweeney reports “good progress” across the educational supplier’s three divisions and its international business. According to the Group’s IMS this morning, trading in Q1 was “supportive of management’s expectations”. However, RM’s business reflects school buying patterns is therefore highly seasonal with the majority of the year’s profit arising in the second half and Q1 traditionally being the lowest for revenue and order intake. As a result, performance at this stage of the year is not a reliable indicator for the year as a whole.RM has reported some encouraging contract wins in the first half – most recently its Building Schools for the Future (BSF) deal at Essex – but we’ll have to wait for its interim results to get a better feel for how FY2010 is shaping up. By now, RM ought to be beginning to see the benefits its 15 BSF contracts. But at the same time, we suspect that (despite school budgets being relatively well protected) the individual schools business will find the market tougher going as schools prioritise against the backdrop of public sector funding cuts.
Posted by Tola Sargeant at 08:21 - 0 comments -
Friday 5th February 2010
Falling Total
Financial services software company Total Systems has issued a Q3 IMS that doesn’t bode well. At the half year it reported revenues down 17%, to £1.8m and operating losses of £450k (compared to £500k profit the prior year). The IMS states that trading was ‘much improved’ in Q3 but ‘of a non-recurring nature.’ It then continues: “business continues to be very weak…turnover for the financial year is likely to be significantly less than for the prior year.”We are not convinced that Total should be listed at all (see Total recall) – it has never really grown and more than half the shares are owned by Chairman Terry Bourne and his family. But as we said last year (Total battles on), it is a survivor. The IMS also says that Total’s financial position “remains healthy with no debt and improved cash balances to support operations. The Company owns its office premises outright.” We expect it will survive again to fight another day ‘as market conditions improve.’
Posted by Philip Carnelley at 08:30 - 0 comments -
Monday 1st February 2010
Phoenix contracts squeeze margins
The trading update from infrastructure support services group, Phoenix, is as interesting in terms of what it says about UK BPO leader Capita’s intentions in IT services as it is about its own business. Phoenix picked up a previously undisclosed £3m p.a., 5-year contract in November with Capita for break/fix support on their extensive IT operations and will take on 75 of Capita’s staff. Capita had been making a much more concerted push into IT services of late, most recently acquiring Apax-backed ICT services firm, Synetrix (see Capita bolsters IT services with Synetrix).The deal with Phoenix suggests that it’s the higher value services Capita wants to grow, not the low-level stuff and this is absolutely the right move. Indeed (and apologies for the shameless plug), if you come along to the Regent Conference on Thursday, you’ll hear me make just this point about how outsourcing will change over the next decade resulting in even more opportunities for the likes of Phoenix. By the way, the Capita contract (and Phoenix’s previously announced 5 year deal with Torex) is expected to break even in the first year and sit the rest of the time out at “low double-digit operating margins”. Hmmm – Phoenix was running its Partner Services business at nearly 16% margin at the half-way stage (see Phoenix feels slight updraft) so these deals seem potentially margin-depleting.
It’s too early for management to give a view on the Office Shadow acquisition (see Phoenix rescues Office Shadow) but I’m sure we’ll hear more at the prelims (to 31st March ’10), for which management signals ‘in line’ results excluding M&A and contract ramp costs (Ed: is that really ‘in line’ then?).
Posted by Anthony Miller at 09:15 - 0 comments -
Thursday 28th January 2010
Sopheon returns to break-even on lower sales
The tough times continue at little "product innovation support" software firm, Sopheon. A trading statement this morning confirms that the trends we saw at its interims (Sopheon – wrong place, wrong time) continued through the rest of the year, with full year revenues expected to be £8m – down 11%, which is worse than the half-year (down 5%). There is better news on costs – the company expanded on the back of good 2008 results and had to reverse direction rather sharpish when it realised the effects of the downturn on its customers (if it had listened to our forecasts it might have been less bullish!) Sopheon expects to roughly break even in operating terms for the year, improving on the half-year position. Better news still, it says its order book has picked up significantly, with almost as many orders in the last quarter as the previous three.It appears that Sopheon’s customers – mainly blue-chip manufacturing companies – are beginning to feel a little more confident, as the pipeline turns into orders. Recurring revenues are around 70% of total and it starts the year with a good base, around 50% of this year’s revenue is ‘visible.’ But it repeats that these are tough times, with long sales cycles and pricing pressure.
Posted by Philip Carnelley at 08:37 - 0 comments -
Wednesday 27th January 2010
Clarity ‘in line’ as CFO Torex’ed
AIM-listed software player, Clarity Commerce, issued a hasty announcement yesterday afternoon advising that CFO Chris Ford had resigned in order to defend Serious Fraud Office charges in relation to his time at the ‘old’ Torex Retail. Clarity attempted to ameliorate the situation with an ‘in line’ trading update supported by pending “potential significant new contract wins”. Clarity had been doing quite well in the US and on the Continent, though their UK business had recently been in decline (see Clarity growing - but not in the UK).By the way, I say ‘old’ Torex as the ‘new’ private equity-backed company does not carry this baggage (see Torex appoints new CFO and looks to 2010 IPO and work backwards!). Indeed, we met Torex CEO, Steve Rowley, just recently and he looked in fine fettle.
Posted by Anthony Miller at 08:30 - 0 comments -
Tuesday 26th January 2010
Sage – another ‘in line’ company
Following the three software vendors meeting expectations yesterday (‘In-line trading’ is the order of the day), the UK’s biggest software company has reinforced the trend. In a brief quarterly statement Sage said that trading was consistent with expectations, across all its territories, with “with subscription revenue growth continuing to offset subdued markets for software and software-related services.” As with other software companies – even VMware, as we report today – the saviour is a strong maintenance stream with new sales hard to find. Customer loyalty is a virtue almost without price today. That said, Sage - like all companies - must continue to press forward. One way is in trying to build its revenues in the middle market, as we reported last week, with its new 'global' approach to marketing its ERP X3 product. Foundation Service clients can read our analysis of Sage's latest product marketing initiative here: Sage goes global with ERP X3. Posted by Philip Carnelley at 09:15 - 0 comments -
Tuesday 26th January 2010
SciSys cautious despite strong start to 2010
Despite difficult market conditions, SciSys has had a good 2009 and expects its full year results, due out in March, to be at the top end of market expectations in terms of both revenues and EBITA. According to today’s trading statement, its balance sheet is also stronger with net cash of £2.4m at the end of 2009.It sounds as if 2010 has also started well with a strong order book across all sectors and a healthy pipeline of prospects. But we’re pleased to see the management team are still taking a cautious view on the overall trading outlook citing uncertain market conditions in the public sector, which they (and we) expect to continue until post election spending reviews have been completed. Indeed, thanks to the election, the whole of 2010 is likely to be characterised by uncertainty and procrastination in the UK public sector market. Government & Defence is only one of the strings to SciSys’ bow, however, and the other areas of its business – Applications Support, Space and Media Broadcast – are unlikely to be affected.
SciSys also confirmed today that it is a Tier One Partner to Capgemini on the Environment Agency’s seven-year outsourcing contract (see also Capgemini bags Environment Agency contract), which was announced in November. The deal will enable SciSys to protect its existing applications support services business with the Environment Agency (worth around £1m p.a.) and could provide an opportunity to build on those revenues, since the contract is capable of being ‘reused’ by other departments.
Posted by Tola Sargeant at 09:08 - 0 comments -
Monday 25th January 2010
‘In-line trading’ is the order of the day
There has been a little flurry of trading statements this morning from mid-size business software companies: from logistics software provider Kewill, CAD software firm Aveva, and ERP supplier K3. They all tell a consistent and quite encouraging story: trading is in line with expectations, and strong maintenance revenues are supporting some (slow) progress on the new sales front.
All three comment that conditions remain tough out there, with some market uncertainty remaining, but they are clearly managing the situation and looking forward. All report a strong or much improved balance sheet helped by strong cash generation; Kewill also benefited from fund-raising in November – see Kewill holds firm, issues shares to help future growth – allowing it to consider acquisitions to be “well-placed…as the global macro-economic environment improves.”
We believe that things will start to improve towards the second half of the year: it makes sense to plan for that situation but we encourage all companies to be wary of taking the brakes off too soon. We reiterate the wise words of George O'Connor at Panmure Gordon: if "thoughts of a 'better' market leads to higher costs... expectations of further operating leverage [can] start to unravel.”
Posted by Philip Carnelley at 08:40 - 0 comments -
Tuesday 19th January 2010
StatPro anticipates new SaaS revenues
Trading analytics software company StatPro has released an inline trading statement, which means that revenues for the year should be up around 11% to £31m. The company notes that over 90% of revenues are recurring, as it largely operates a software rental model, which is transitioning quite smoothly to a SaaS model (see SaaS winning the argument for StatPro).On the SaaS front the company has now released the new multi-tenanted version of its product, a truly SaaS-enabled version, which it intends to help it reach out to smaller companies than it has traditionally been able to support. It will be launching a new product later in the year offering front-office solutions, extending its reach further. It has made sales and marketing changes to address these new initiatives, but no details were given. We look forward to learning more in due course: as we have previously noted, the company is looking to sell considerably higher volumes at a considerably lower price point, which to us implies quite a change to the sales and marketing model is required.
Posted by Philip Carnelley at 09:15 - 0 comments -
Tuesday 19th January 2010
Alterian warns on European revenues
Alterian has issued a trading statement for its Q3 reporting revenues up 21% (17% at constant currency). There has been considerable change from Q2, with growth rates falling from 28% ccy. The company said it saw good conditions in the US, partially compensating for a “broadly flat” Q3 performance in the UK and Europe. The US accounts for about 35% of its revenues.This statement contrasts with its half-year results when it reported a “strong performance in the UK, Europe and AP,” (as well as the US) implying a considerable fallback since then. It comments that several ‘substantial’ contracts have been deferred to past its year-end. It says that if Q3 close rates in the UK/Europe are maintained, then “higher than anticipated” revenues from US and elsewhere will be required to meet market expectations. The company does say that it has won business in Brazil and Dubai, and opened an office in Singapore, which should help to drive that international business. Nonetheless the weakness nearer home must be troubling management – and the City. In early trading the shares have fallen 19%.
Posted by Philip Carnelley at 08:45 - 0 comments -
Monday 18th January 2010
Craneware investors expecting more?
What appeared to be a very positive H1 trading update from Little Scottish Battler (but big in the US) Craneware (and see Healthy start to Craneware’s year), did not seem to impress the market, with its shares settling back 4% as I write. I guess investors were expecting more than the ‘in line’ 23% yoy organic revenue growth (to $13m), 30% EBITDA growth (to $3.3m) and 15% growth in new orders (to $25m) – including the first sale of its new hospital supplies management product. Well, you can please some of the people some of the time...Posted by Anthony Miller at 09:07 - 0 comments -
Monday 18th January 2010
SDL acquires Fredhopper, beats expectations
In a brief trading statement, SDL announced that it will exceed expectations for the year with revenue of c£171m and PBT around £29m – that’s up 8% and 15% respectively. On a conference call, CEO Mark Lancaster said that both Tridion, its content management product, and its services had done well in Q4. In his view, there had been something of a recovery in Europe as well as some market share gains, but the US was seeing more of a return to investment. However, as at the interims (see Currency translates into growth for SDL), growth would still have been slightly negative at constant currency after a difficult first half.SDL also announced the acquisition of Fredhopper, a small merchandising software provider with a turnover of around €2m, for €5.5m. Fredhopper, based in Amsterdam, offers software to guide online customers to offers and products based on ‘affinity analysis’ – similar to the recommendations to buy that we have all experienced from Amazon. It has around 100 customers from across Europe: large retailers including names like Philips, Debenhams and Toys’R’Us (UK). While Fredhopper's direct impact will be small, short-term, SDL sees it as complementary to its Tridion marketing and web content management offering, extending its reach from marketing into retail at a time when retail is increasingly conducted online. It will offer an integrated solution allowing it to address a wider (and expanding) market. This seems a very logical move to us but we’d like to see a little more detail on how it will all fit together, once the dust has settled. SDL’s prelims are March 1st , we expect to learn more then.
Posted by Philip Carnelley at 08:55 - 0 comments -
Thursday 14th January 2010
SAP exceeds expectations – but expectations weren’t high
SAP today released a trading statement with preliminary results for 2009. The release proclaimed that it had exceeded expectations in operating margin and software revenues. But it wasn’t exactly a wonderful performance, though many were indeed expecting worse. In US GAAP terms revenue fell 8% to €10.7bn. However, good cost control has meant that despite the lower revenues, operating margins have been maintained at just under 25%.
Software licence revenues were, as expected, the main culprit, declining 28% to €2.6bn. Services fell 21%, to €2.5bn. The main good news was that these declines were partially offset by maintenance, up 15% to €5.6bn even without the mooted raising of maintenance fee rates (SAP backs off on support price rises). But one can clearly see why SAP was keen to increase rates. However in a separate release today, SAP effectively climbed down, announcing a revised tiered support model and that “2010 fees for existing SAP Enterprise Support contracts will remain unchanged from 2009 levels.”
In the trading statement there was a little colour around the regions: Europe was the worst performer, with revenue for software and maintenance down 5%. The Americas were flat, and AP down 1%. The company also announced a number of changes in management board responsibilities. The most notable point is an unusual decision to combine the EMEA region with India. The full results announcement will follow on January 27th.
Posted by Philip Carnelley at 18:15 - 0 comments -
Wednesday 13th January 2010
SQS back on track
SQS, the London-listed software testing services specialist, has issued a trading update saying that its second half trading was largely “in line”. As we have previously reported, the company was hit harder than it expected by the downturn especially in Germany, a big part of its revenue base, by price pressures as well as lack of new business (see SQS Profit Warning). It took action on costs, and that, together with a number of new contracts, has helped rectify the situation. It says Austria and Switzerland are doing well and the Nordics starting to recover, while its key markets of the UK and Germany are improving. The new contracts span a range of industries: public and private, banking and retail.As we reported in our recent SoftwareViews report (Software Testing Trends), we believe that the independent testing arena is going to be a resilient growth area and we think SQS is in a good position – we particularly like its approach to packaging/templating its offering, alongside the more conventional time-and-materials approach. This statement is a bit of good news for the industry as a whole: if testing companies are seeing an uptick this can be seen as an indicator of a (fledgling) return to ‘business as usual’ for companies’ software development activities. However it is still early days and the evidence from SQS seems to imply that central and Northern Europe is doing better than the UK.
Posted by Philip Carnelley at 08:30 - 0 comments -
Thursday 7th January 2010
Hays ‘stable’ in face of public sector decline
There was a little more room for optimism – or shall we say less pessimism – in multidiscipline, global recruitment firm Hays’ trading statement, with CEO Alistair Cox reporting “stabilisation in demand in all major markets”. But the word “recovery” was nowhere to be found, echoing sentiments expressed the prior quarter (see Hays sees no signs of recovery).The good news, if we can take the ‘glass half full’ view, is that the yoy decline in net fee income (gross profit) is slowing, down 30% like-for-like across the business and the same across the UK. A quarter ago the decline was 40% and 41% respectively. Indeed UK private sector net fees increased ‘modestly’ quarter on quarter, but this was offset by a decline in the public sector, “particularly in administrative and non-front line placements”.
No specific comment on UK IT recruitment trends (<10% of Hays’ UK business) but this is heavily weighted towards the financial services and IT vendor sectors – only 10% comes from the public sector. However, Hays reported a small sequential net fee increase in Germany, which is primarily an IT contracting business.
Contractor margins slipped 140bps yoy across the board due to a combination of pricing pressure and profit-squeezing, high-volume contracts.
When I met Alistair Cox a few weeks back he told me that the banking sector was “surprisingly buoyant, surprisingly quickly”, more so in the UK. He felt this foreshadowed the return of major IT decisions for new applications and upgrades to core banking systems, which would drive both contract and permanent recruitment volumes. He seemed unphased about the margin squeeze from large volume contracts as this was still driving higher absolute profit (and profit per consultant).
I think “stabilisation” will become the word of the year in 2010 and that may well be as good as it gets. Our sense is still that IT demand will start to recover in H2 but the deals will remain vigorously contested keeping pricing down. IT recruitment volumes (rather than profits) will be the lead indicator here and I could see nothing in Hays’ statement that put a positive gloss on that. There’s a concall later and TechMarketView Foundation Service clients can see more on UKHotViews Extra.
Posted by Anthony Miller at 08:20 - 0 comments -
Wednesday 6th January 2010
Autonomy tackles cash conversion worries
Unusually, Autonomy issued a trading statement at lunchtime today, rather than the more usual 7am release. Maybe those responsible got stuck in the snow? Or maybe it wanted to rush something out a little earlier than it otherwise would, to perk up the markets after a less-than-gushing article in the FT yesterday, picking up concern in the City about cash conversion rates which surfaced at the last results briefing.Whatever the reason, the trading statement was upbeat: revenue is expected to be $740m for the year – that’s 47% growth meeting earlier 'expectations'. That growth is of course bolstered by the contribution from Interwoven, a deal which closed on March 17. Much of the rest of the statement is used to aggressively take on the cash conversion issue: “The company expects to report strong cash conversion for the year, consistent with its peers of similar growth rates, and one of the highest rates of conversion from revenues to cash seen in the industry…with Days Sales Outstanding (DSOs) returning to the traditional pre-third quarter 2009 levels.”
It is obviously sensible to address the City's concerns – even with performance as good as Autonomy's, these things can be damaging. A conciliatory approach can be helpful. But for us, more interesting is to know more about the fortunes of the recently launched IDOL SPE technology that provides Autonomy-style search for relational databases. Hopefully this will be revealed with the full results which we expect towards the end of this month.
Update 7-Jan — the good news continues: this morning Autonomy made a brief announcement of a "seven-figure" software licensing deal with BAE Systems.
Posted by Philip Carnelley at 18:15 - 0 comments -
Thursday 3rd December 2009
SciSys upbeat after recent contract wins
We’re pleased to be able to report that SciSys is going into 2010 “on a very positive footing” and expects results for 2009 to be ahead of market expectations thanks to recent contract wins with the BBC, RNLI, Coal Authority, European Space Agency and others. SciSys appears to be doing well in its various vertical niches, particularly in winning business with public sector and quasi-public sector organisations. The trick will be to maintain this momentum in what will undoubtedly be a tougher and more unpredictable government market in 2010.In tandem with its trading update today, SciSys announced some changes to its Board that reflect its recent growth. David Jones has been promoted to the newly created COO position taking responsibility for all operational and sales activities across the Group. Directors of the operational divisions will report to David from January. In addition, the Government Division is being split into two more manageable chunks: the Environment Division and the Government & Defence (G&D) Division. Dave Gawthorpe takes responsibility for G&D, whilst Heather Dinham will lead the Environment Division.
Posted by Tola Sargeant at 18:55 - 0 comments
