System C bucks the trend

(By Anthony Miller) AIM-listed healthcare software player System C Healthcare has issued one of the few positive trading statements we have seen in recent times. CEO Dr Ian Denley reports strong demand in both private and public healthcare sectors (System C is of course a major provider to the NPfIT) and expects first-half numbers (to 30th Nov.) to meet consensus forecasts. System C seems to be a great example of a ‘small but perfectly formed’ niche player in exactly the right place at the right time. Revenues were only £18m last year with nearly 70% coming from associated services, and operating margins nearly trebled to 13.5%. Its stock has proven rewarding for investors this year, up 40%, valuing the company at around £33m. Good show.