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Systems Union back in the black

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Systems Union, which supplies mid-range accountancy software systems, today said it had managed to drag itself back into the black.

The company posted a pre-tax profit of £679,000 (seven pence per share) for the six months ended 30 June 2001, compared to losses of £96.5 million (£1.15 loss per share) for the same period the previous year.

EBITA from operations was £1.5 million, up from a first half loss of £7.5 million in 2000.

Sales at the UK outfit, which owns the SunSystems and Pegasus Software brands, grew to £36.8 million, from £15.7 million.

The company said Pegasus had hit revenue and profit targets for the six months, and that sales of its Opera range were ahead of forecast.

Bob Morton, Systems Union chairman, described current trading as 'encouraging', due to major orders such as contracts with the Seventh-Day Adventist Church. He said further contracts were due to be finalised later in 2001.

"The Board believes that the progress made in the first six months will continue into the second half of the year," added Morton.

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