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AIA

Systems Union beats expectations for 2003

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25th Dec 2005
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Systems Union Group put out a bullish trading statement last week after an eventful final quarter of 2003.

Commenting on the highlights of the year to 31 December 2003, the company said its results would probably exceed market expectation and that it intended to recommend a dividend of 1p per share when the full year results are announced on 1 March 2004.

As the year closed, Systems Union, which owns the Sun Systems and Pegasus accounting software brands, completed its third acquisition of the financial year with the purchase of Romanicus, a Sun Systems channel partner with operations in Beijing, Shanghai, Hong Kong and Singapore.

It also generated £500,000 from selling an investment in an activity discontinued in late 2000.

After spending around £28m on acquisitions, Systems Union ended the year with £19.7m cash in the bank compared to £18.8m the previous year. Bank debt stood at £15m.

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