Interim Results

System C Healthcare plc 23 January 2008 System C Healthcare plc Interim results for the six months ended 30 November 2007 System C Healthcare plc ("the group"), a leading independent provider of IT implementation solutions for the UK healthcare sector, announces its unaudited interim results for the six months ended 30 November 2007. Financial Highlights The financial highlights for the six months ended 30 November 2007 are: • Revenue up 29% at £8.4m (2006: £6.5m) • Profit from operations increase to £1.1m compared to a break even position in the prior year • PBT significantly ahead at £1.5m (2006: £0.3m) • EPS grows substantially to 1.14p per share (2006: 0.25p per share) • Strong cash generation from operating activities of £2.5m (2006: £0.6m) • Strong cash position with cash net of borrowings of £11.4m (2006: £8.6m) • Interim dividend of 0.18 pence per share, a 50% increase on prior year (2006: 0.12 pence per share) • Full year profits expected to be at or around the top end of market expectations Chief Executive's Statement Commenting on these results, Chief Executive Ian Denley said: "The Group has turned in a strong all-round performance over the period, and I am very pleased to be able to announce significant growth, improved profitability and a robust cash balance. We have continued to secure new clients and contracts in both public and private sector healthcare organisations, and have played a significant role in most of the major go-lives within the National Programme for IT throughout England. In July we completed the acquisition of IQ Systems Services Ltd. This acquisition has enabled us to enter new markets in healthcare IT, as the company has a number of major clients in the Independent Sector Treatment Centre ("ISTC's") including Circle Health and Care UK. In addition, the first stage of the Group's £7.5m IT project computerising the Isle of Man's healthcare services has gone live on time and within budget with over 1,300 users receiving training. The Group's strong performance reflects our focus on delivering quality services in partnership with our clients, successfully adapting our business to our changing market place, and is a direct result of the hard work and effort of all our employees. We now aim to build on our current position through further organic growth, strategic acquisitions and continued investment in new products and services. Trading has continued to progress well since the end of the interim period on both the services and products sides of the business. We look forward with confidence to a good performance for the full financial year and beyond." For further information please contact System C Healthcare plc Dr Ian Denley, Chief Executive Andrew Coll, Finance Director Tel: 01622 691 616 Maitland Emma Burdett Tel: 020 7379 5151 Richard Farnsworth Collins Stewart Europe Limited Mark Connelly Tel: 020 7523 8304 Notes to Editors System C Healthcare plc (www.systemc.com), established in 1983, specialises in the provision of information systems and solutions to the healthcare sector. Its employees have an average of 15 years' healthcare experience and can provide all aspects of systems design, development and deployment services. System C is founded upon the belief that IT solutions, when effectively implemented, can significantly contribute towards improving patient care. System C is a specialist developer and supplier of Patient Administration and Electronic Patient Record Systems to the health service. The Group's MedWay product is successfully installed at a number of NHS hospitals including Noble's Hospital Isle of Man, University Hospitals Aintree, Swindon and Marlborough NHS Trust, Tameside Hospitals NHS Trust and the Christie, one of the UK's leading cancer hospitals. System C has helped to install healthcare systems at over 150 NHS Trusts and offers a wide range of services to the NHS, other healthcare providers and third-party suppliers. Services include programme/project/change management, design, build and test, implementation, training, data migration, interfacing and helpdesk/support services. Within the National Programme for IT (NPfIT), System C people have been involved in 75% of secondary care go-lives to date as well as many GP, community, Single Assessment Programme and child health deployments Chairman's Statement I am pleased to report that System C has had a good first half of the year, making strong progress on all fronts. During the period, the company has diversified its client base, secured new contracts, contained costs and made significant progress with major product developments. On the financial side we have achieved an increase of 29% in revenues to £8.4m, profit before income tax of £1.5m (2006: £0.3m) and an increase in cash net of borrowings to £11.4m (2006: £8.6m). This performance reflects an increase in revenues in both our services and products divisions as well as a well-managed cost base. Services Sales of services were strong during the period. In addition to contracted services revenue the Group generated more than £4m through additional work within existing framework contracts or through entirely new business. New business wins included a contract to build and deploy a patient booking and electronic X-ray system (PACS) for a client which has won a major procurement to provide diagnostic services to the NHS. Another is a deployment contract to install a third party community and mental health system in Guernsey. We have also been awarded significant amounts of deployment and support work by NHS Trusts across the country. The Group has continued to enhance its hard-won reputation for deploying complex systems quickly and safely. On the basis of our track record, System C employees are now working extensively with NHS Connecting for Health (CFH) and Local Service Provider teams to support the majority of the go-lives across the country. The Group has successfully extended its support into most care settings, and is now working with acute, community and mental health hospitals as well as with Ambulance and Primary Care Trusts. In addition, the Group is moving into many areas of deployment support, including the Government's new Summary Care Record and clinical systems deployment. We are delighted to be involved in such a strategic project from the outset. A notable achievement over the period was the deployment team's delivery of a complex patient management and imaging system to 28 static and mobile imaging facilities across London. This contract was awarded in support of the Government's Independent Sector Diagnostics Programme. Products and Software Development The operational performance within the products division has been strong. An important milestone was reached in late 2007 when the product and services teams combined to deliver our own MedWay Electronic Patient Record system to Nobles and Ramsey Hospitals on the Isle of Man in just eight months. This was the first phase of the Group's 7 year £7.5m contract to computerise healthcare across the island. The deployment included a Patient Administration System (PAS), Accident and Emergency, maternity, and document tracking and reporting systems. Additional modules including ambulance, theatres and community and social services systems will be rolled out during the course of 2008. This has also been a very good period for the System C software team, with significant progress on all of its software development programmes. Our close relationship with Microsoft continues to bring benefits to software development, both in our use of new technologies from the .Net framework and the integration of standard Microsoft applications into our healthcare product set. We have also benefited from working with Microsoft in the NHS/Microsoft collaboration to produce a Common User Interface (CUI) for healthcare applications. Medway Sigma, the Group's five year redevelopment of its Electronic Record and Patient Management systems to comply with Microsoft technologies, is now close to completion and will be launched in 2008. Customer reaction to early releases of the software has been positive, and we are expecting good take-up both in the UK and overseas. European partners are already translating Medway Sigma for use in their home markets. The first Sigma module, the Microsoft version of the HealthData Manager reporting solution, was delivered in November 2007 to the Isle of Man. This was an important development milestone for the business. We have also secured two new contracts to supply HealthData Manager to English hospitals. The Group has continued to develop and support the existing MedWay suite and has made over 100 major improvements in the year, including a new service to support the Government's 18 week Referral to Treatment Time (RTT) programme. Acquisitions Our ongoing acquisition strategy is to identify opportunities which provide System C with new clients in related markets and strategic related technologies for use within the Medway Sigma product range. We acquired IQ Systems Services Ltd ("IQ") in July 2007. This company develops and markets the IQUtopia patient management and clinical system to independent treatment centres. The acquisition has furthered System C's expansion into the private healthcare market. We have successfully integrated IQ into the Group, and in the period IQ contributed revenues of £420k and PBT of £122k. We have been working closely with IQ clients such as Circle Health and Care UK to enhance product functionality and capability. The close synergies between IQ and the Group has also meant that System C staff are being contracted directly to IQ clients. Our focus on strengthening IQ's business development activities has led to considerable interest in the product range from private healthcare providers in the UK and overseas. Market In England, the National Programme for IT is gathering momentum with an increasing number of successful deployments. This has translated into work for the Group in a wide range of geographic and product areas. The deployment of patient management systems into acute hospitals, which is much more complex and resource intensive than the equivalent deployments in the mental health and community sectors, is now underway and a number of hospitals have gone live successfully over the past year. The coming year is expected to see an increase in the installation of acute systems, the area of System C's greatest expertise, and this is expected to continue until 2010/11 and beyond. In parallel with the acute PAS activity, the LSPs are expected to begin the deployment and roll out of clinical systems this year and these programmes of work are likely to generate continued ongoing work for our teams. Outside the National Programme, there is a growing enthusiasm for the next generation of healthcare systems and we are getting increased interest in our .Net Electronic Patient Record solutions from within the UK and overseas. The new applications integrate traditional healthcare software with the new Microsoft open architecture for its Office products and we believe this is becoming a clear direction of travel for the market as a whole. System C will be launching "ready to install" products into this market in 2008. Staff The improved performance could not have been achieved without the dedication and expertise of our employees, and I would like to thank all of them for their significant contribution throughout the period. We continue to develop our position as the employer of choice in healthcare IT, and have achieved our Investors in People reaccreditation this year. We are currently looking to increase our staff capacity to support the top-line growth we are achieving. Earnings per Share and Dividends The Board is pleased to declare a interim dividend of 0.18 pence per share, a 50% increase on prior year (2006: 0.12 pence per share). The dividend will be paid on 12 March 2008 to those shareholders on the register at the close of business on 15 February 2008. Outlook and Current Trading We have strengthened our competitive position within the healthcare IT market place as demonstrated in our improved operating performance, broader client base, strategic acquisition and strong cash generation. Our objective for 2008 is to further enhance this position through organic growth, continued investment in new products and services, and a programme of strategic acquisitions. Trading has continued to progress well since the end of the interim period, with both the services and products sides of the business performing well, and continued strong cash generation. On this basis, and given the strong first half, the Board expects that profits for the full financial year will be at or around the top end of market expectations. Jim Horsburgh, Chairman System C Healthcare plc Consolidated Income Statement For the six months ended 30 November 2007 Six months Six months ended ended 30 Nov 30 Nov 2007 2006 (unaudited) (unaudited) £000 £000 Revenue 8,357 6,482 Cost of sales (4,023) (3,389) ---------- ---------- Gross profit 4,334 3,093 Selling and marketing costs (125) (346) Research and development costs (573) (631) Administration and general overheads (2,550) (2,160) ---------- ---------- Profit /(loss) from operations 1,086 (44) Interest receivable 427 385 Interest payable (16) (59) ---------- ---------- Profit before income tax 1,497 282 Income tax expense (501) (59) ---------- ---------- Profit for the period 996 223 ---------- ---------- Earnings per ordinary share - basic 1.14p 0.25p - diluted 1.13p 0.25p All of the activities of the Group are continuing. Notes 1 to 13 form an integral part of this condensed consolidated half-yearly financial information. Consolidated Balance Sheet As at 30 November 2007 At 30 Nov 2007 At 31 May 2007 At 30 Nov 2006 (unaudited) (audited) (unaudited) £000 £000 £000 ASSETS Non-current assets Property, plant and equipment 529 673 822 Goodwill 1,749 - - Intangible assets 1,079 351 198 Deferred income tax assets 496 927 1,190 Trade and other receivables 699 774 1,036 ----------- ----------- ----------- 4,552 2,725 3,246 ----------- ----------- ----------- Current assets Trade and other receivables 5,667 6,491 5,925 Cash and cash equivalents 11,621 10,574 9,579 ----------- ----------- ----------- 17,288 17,065 15,504 ----------- ----------- ----------- TOTAL ASSETS 21,840 19,790 18,750 ----------- ----------- ----------- LIABILITIES Current liabilities Trade and other payables 3,157 3,153 2,242 Deferred consideration 680 - - Current income tax liabilities 188 92 42 Borrowings 198 528 827 ----------- ----------- ----------- 4,223 3,773 3,111 ----------- ----------- ----------- Non-current liabilities Borrowings - - 198 Deferred consideration 643 - - Deferred income tax liabilities 150 - - Provisions and other liabilities 95 102 86 ----------- ----------- ----------- 888 102 284 ----------- ----------- ----------- ----------- ----------- ----------- TOTAL LIABILITIES 5,111 3,875 3,395 ----------- ----------- ----------- ----------- ----------- ----------- NET ASSETS 16,729 15,915 15,355 ----------- ----------- ----------- SHAREHOLDERS' EQUITY Share capital 895 895 894 Share premium account 9,767 9,757 9,752 Capital redemption reserve 3,127 3,127 3,127 Own shares held in trust (1,235) (1,235) (1,235) Retained earnings 4,175 3,371 2,817 ----------- ----------- ----------- TOTAL EQUITY 16,729 15,915 15,355 ----------- ----------- ----------- Notes 1 to 13 form an integral part of this condensed consolidated half-yearly financial information. Consolidated Statement of Changes in Equity For the six months ended 30 November 2007 and 30 November 2006 Own Share Capital shares Share premium redemption held in Retained Total capital account reserve trust earnings equity (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) £000 £000 £000 £000 £000 £000 --------- --------- --------- --------- --------- --------- As at 1 June 2006 893 9,732 3,127 (1,235) 2,757 15,274 Profit for the period - - - - 223 223 Share-based payment charge - - - - 29 29 Issue of new shares 1 - - - - 1 Premium on issue of new shares - 20 - - - 20 Dividends - - - - (192) (192) --------- --------- --------- --------- --------- --------- As at 30 November 2006 894 9,752 3,127 (1,235) 2,817 15,355 --------- --------- --------- --------- --------- --------- As at 1 June 2007 895 9,757 3,127 (1,235) 3,371 15,915 Profit for the period - - - - 996 996 Share-based payment charge - - - - 30 30 Premium on issue of new shares - 10 - - - 10 Deferred tax - - - - (13) (13) Dividends - - - - (209) (209) --------- --------- --------- --------- --------- --------- As at 30 November 2007 895 9,767 3,127 (1,235) 4,175 16,729 --------- --------- --------- --------- --------- --------- Notes 1 to 13 form an integral part of this condensed consolidated half-yearly financial information. Consolidated Cash flow Statement For the six months ended 30 November 2007 Six months Six months ended ended 30 Nov 30 Nov 2007 2006 (unaudited) (unaudited) £000 £000 Cash flows from operating activities Cash generated from operations 2,541 638 Interest paid (16) (59) Income tax paid (52) - ----------- ------------ Net cash generated by operating activities 2,473 579 ----------- ------------ Cash flows from investing activities Acquisition of subsidiary, net of cash acquired (913) - Purchases of property, plant and equipment (57) (164) Capitalised development costs (269) (98) Interest received 343 381 ----------- ------------ Net cash (utilised in)/generated from investing activities (896) 119 ----------- ------------ Cash flows from financing activities Repayment of borrowings (330) (496) Issue of equity share capital 10 21 Dividends paid (210) (192) ----------- ------------ Net cash utilised by financing activities (530) (667) ----------- ------------ Net increase in cash and cash equivalents 1,047 31 Cash and cash equivalents at beginning of period 10,574 9,548 ----------- ------------ Cash and cash equivalents at end of period 11,621 9,579 ----------- ------------ Cash flows from operating activities Six months Six months ended ended 30 Nov 30 Nov 2007 2006 (unaudited) (unaudited) £000 £000 Profit for the period 996 223 Taxation 501 58 Financial income (427) (384) Financial expense 16 59 ------------ ----------- Profit /(loss) from operations 1,086 (44) Decrease in trade and other receivables 1,239 498 Increase/(decrease) in trade and other payables 1,224 (277) Net movement on provisions (7) 5 Deferred consideration (1,323) - Share-based payment charge 30 29 Depreciation of property, plant and equipment 207 366 Amortisation of intangible assets 85 61 ------------ ----------- Net cash inflow from operating activities 2,541 638 ------------ ----------- Notes 1 to 13 form an integral part of this condensed consolidated half-yearly financial information. Notes 1. General information The Company is a limited liability company incorporated and domiciled in the UK. The address of its registered office is Brenchley House, Week Street, Maidstone, Kent, ME14 1RF. The Company has its primary listing on AIM, a market of that name operated by the London Stock Exchange. This condensed consolidated half-yearly financial information was approved for issue on 22 January 2008. These interim financial results do not comprise statutory accounts within the meaning of Section 240 of the Companies Act 1985. Statutory accounts for the year ended 31 May 2007 were approved by the Board of Directors on 11 September 2007 and delivered to the Registrar of Companies. The Report of the Auditors on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under Section 237 of the Companies Act 1985. 2. Basis of preparation This condensed consolidated half-yearly financial information for the half-year ended 30 November 2007 has been prepared in accordance with the AIM Rules for Companies and with IAS 34, 'Interim Financial Reporting' as adopted by the European Union. This half-yearly condensed consolidated financial report should be read in conjunction with the annual financial statements for the year ended 31 May 2007, which have been prepared in accordance with IFRSs as adopted by the European Union. 3. Accounting policies The accounting policies adopted are consistent with those of the annual financial statements for the year ended 31 May 2007, as described in those annual financial statements. The following new standards, amendments to standards or interpretations are mandatory for the first time for the financial year ending 31 May 2008. • IFRIC 10, 'Interims and impairment', effective for annual periods beginning on or after 1 November 2006. This interpretation has not had any impact on the timing or recognition of impairment losses as the Group already accounted for such amounts using principles consistent with IFRIC 10. • IFRIC 11, 'IFRS 2 - Group and treasury share transactions', effective for annual periods beginning on or after 1 March 2007. This interpretation is not relevant to the Group at the current time. • IFRS 7, 'Financial instruments: Disclosures', effective for annual periods beginning on or after 1 January 2007 and IAS 1, 'Amendments to capital disclosures', effective for annual periods beginning on or after 1 January 2007. As this interim report contains only condensed financial statements, and as there are no material financial instrument related transactions in the period, full IFRS 7 disclosures are not required at this stage. The full IFRS 7 disclosures, including the sensitivity analysis to market risk and capital disclosures required by the amendment to IAS 1, will be given in the annual financial statements. 4. Segmental reporting The Group's primary format for segmental reporting is business segment. As the business only operates in the UK the Group does not have a secondary reporting format. Six months ended 30 Nov 2007 Development and Products Services Shared Services Total (unaudited) (unaudited) (unaudited) (unaudited) £000 £000 £000 £000 Revenue 2,818 5,539 - 8,357 Profit before tax 1,568 1,848 (1,919) 1,498 Net assets 3,090 2,361 11,278 16,729 Six months ended 30 Nov 2006 Development and Products Services Shared Services Total (unaudited) (unaudited) (unaudited) (unaudited) £000 £000 £000 £000 Revenue 1,763 4,719 - 6,482 Profit before tax 450 1,781 (1,949) 282 Net assets 2,788 2,493 10,074 15,355 5. Capital expenditure Six months ended 30 November 2007 Tangible and Intangible assets (unaudited) £000 Opening net book amount 1 June 2007 1,024 Additions 2,625 Depreciation and amortisation (292) ---------- Closing net book amount 30 November 2007 3,357 ---------- The fixed asset additions primarily relate to the acquisition of IQ Systems Services Ltd (£2,299,000) and the capitalisation of internally generated development costs (£269,000). Six months ended 30 November 2006 Tangible and Intangible assets (unaudited) £000 Opening net book amount 1 June 2006 1,182 Additions 262 Depreciation and amortisation (424) ---------- Closing net book amount 30 November 2006 1,020 ---------- The fixed asset additions relate to new contract assets (£164,000) and the capitalisation of internally generated development costs (£98,000). 6. Share capital The Group has 89,548,464 ordinary 1p shares in issue with a nominal value of £895,000 (2006 - £894,000). Employee share options exercised during the six months to 30 November 2007 resulted in 67,500 shares being issued (2006 - 151,000), with exercise proceeds of £10,000 (2006 - £21,000). The related weighted average price at the time of exercise was 31.5p (2006 - 27.83p) per share. 7.Income tax The tax expense recognised is based on management estimates of the tax charge for the period. 8. Earnings per share Earnings per share attributable to equity shareholders of the company arises from continuing operations as follows: Six months Six months ended ended 30 Nov 30 Nov 2007 2006 (unaudited) (unaudited) Earnings per share for profit from continuing operations attributable to the equity of the Company - basic 1.14p 0.25p - diluted 1.13p 0.25p The calculation of earnings per share excludes 2,287,741 ordinary shares held by The System C Healthcare plc Employee Benefit Trust in accordance with IAS 33 'Earnings per share'. 9. Dividends A dividend that related to the year ended 31 May 2007 and amounted to £209,000 was paid on 9 November 2007. In addition, the Directors propose an interim dividend of 0.18p per share payable on 12 March 2008 to shareholders who are on the register at 15 February 2008 (2006: 0.12p per share) This interim dividend amounting approximately to £157,000 has not been recognised as a liability in this half-yearly financial report. 10. Business combinations On 2 July 2007 the Group acquired 100% of the share capital of IQ Systems Services Ltd, a company that provides Patient Administration Systems to the independent healthcare sector, for an initial cash consideration of £787,000 with potential additional consideration of up to £1,360,000 that is dependent on the achievement of certain performance criteria. The acquired business contributed revenues of £420,000 and profit after tax of £97,000 to the Group for the period from acquisition to 30 November 2007. If the acquisition had occurred on 1 June 2007, consolidated revenue and consolidated profit after tax for the six months ended 30 November 2007 would have been £8,419,000 and £992,000 respectively. Details of net assets acquired and goodwill are as follows: (unaudited) £000 - cash paid 787 - direct costs relating to the acquisition 36 - fair value of deferred consideration 1,323 --------- Total purchase consideration 2,146 - provisional fair value of net identifiable assets acquired (see below) (397) --------- Goodwill 1,749 --------- The goodwill is attributable to the strong position and product capability of IQ Systems Services Ltd within the independent sector treatment market in the UK. The Group has yet to finalise the amount of the fair value of the net identifiable assets acquired, however further details of the provisional fair values in respect of this acquisition are given below. Acquiree's carrying Provisional amount fair value (unaudited) (unaudited) £000 £000 Property, plant and equipment 6 6 Intangible assets - 544 Trade and other receivables 257 257 Bank overdraft (90) (90) Trade and other payables (170) (170) - (150) ------------ --------- Deferred income tax liabilities ------------ --------- Net identifiable assets acquired 3 397 ------------ --------- Outflow of cash to acquire business, net of cash acquired: - Cash consideration 787 - Cash and cash equivalents in subsidiary acquired (overdraft) 90 --------- Cash outflow on acquisition 877 --------- 11. Related party transactions Key management compensation amounted to £605,000 for the six months to 30 November 2007 (2006 - £517,000) Six months Six months ended ended 30 Nov 2007 30 Nov 2006 (unaudited) (unaudited) £000 £000 Salaries and other short-term benefits 573 493 Pension 32 24 ---------- ----------- 605 517 ---------- ----------- Transactions between the Company and its subsidiary, which are related parties, have been eliminated on consolidation and are not disclosed in this note. 12. Events occurring after the balance sheet date Details of the interim dividend proposed are given in Note 9. 13. Statement of Directors' Responsibilities The Directors confirm that this condensed set of financial statements has been prepared in accordance with IAS 34 as adopted by the European Union and the AIM Rules for Companies. The Directors of System C Healthcare plc are listed in the System C Healthcare plc Annual Report for the year ended 31 May 2007. A list of current directors is maintained on the System C Healthcare plc website: www.systemc.com. By Order of the Board Name Title Date Independent Review Report to System C Healthcare plc Introduction We been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 November 2007, which comprises the consolidated income statement, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated cash flow statement and related notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. Directors' responsibilities The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the AIM Rules for Companies. As disclosed in note 2, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting", as adopted by the European Union. Our responsibility Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review. This report, including the conclusion, has been prepared for and only for the company for the purpose of the AIM Rules for Companies and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. Scope of review We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 November 2007 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the AIM Rules for Companies. PricewaterhouseCoopers LLP Chartered Accountants Gatwick 22 January 2008 Notes: (a) The maintenance and integrity of the System C Healthcare plc web site is the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the interim report since it was initially presented on the web site. (b) Legislation in the United Kingdom governing the preparation and dissemination of financial information may differ from legislation in other jurisdictions. This information is provided by RNS The company news service from the London Stock Exchange

Companies

Sysgroup (SYS)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today