Systems predicts return to profit

SYSTEMS Union, the business software group chaired by financier Bob Morton, has confirmed its rehabilitation from a disastrous dotcom acquisitions foray by predicting a return to profit.

The company, formerly known as freecom.net, said full year results due in March are expected to show operating profits in line with broker forecasts of £3.6m on sales of £78.2m in 2001. That would be a dramatic turnaround after it paid £137m in shares for internet company oneview.net in March 2000, only to sell them for £1 less than a year later.

Systems Union said that it has £13.5m in the bank and its main Pegasus accountancy software and SunSystems units are in the black after big order wins this year from Viagra drugs group Pfizer and the Seventh Day Adventist Church.