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Misys reports solid Q1

30 September 2008  |  4133 views  |  0 london- autumn

UK vendor Misys says despite challenging market conditions like-for-like revenue increased six per cent in its first quarter, while order intake was up 11%.

In a trading update group CEO Mike Lawrie says the company's performance in the year to date and its experience in the first quarter "gives us confidence in our performance for the rest of the year".

Misys says group revenue was up six per cent to £114 million, while order intake rose 11% to around £56 million in the quarter ending 31 August 2008.

The vendor says its banking division delivered a nine per cent rise in revenue. This was driven by an improvement in new licence fees (ILF) and growth in global services and maintenance revenues.

Global services revenue was up 12% to £9 million, while maintenance revenues rose three per cent to £20 million.

Revenues at the vendor's treasury and capital markets (TCM) unit rose 12% to about £32 million, while total order intake was up 14% to £12 million. A 12% fall in ILF was offset by a 12% rise in maintenance revenues and a 41% jump in global services revenue.

Commenting on the unaudited results, Lawrie says: "Productivity improvements, cost savings and other elements of our successful turnaround programme, as well as our strength in emerging markets and our limited dependence on any particularly dominant customers, will continue to position Misys well in the marketplace." 

Revenues at the vendor's healthcare unit were flat at £47 million, in part because of the pending merger with Allscripts, says Misys. Yesterday the vendor said it has secured $325 million in financing for the merger to replace a $305 million credit package agreed with Lehman Brothers before its bankruptcy.

Misys shares were down 1.5 pence, or 1.2%, to 118.5 pence in morning trading.

The group will report its interim results on 29 January 2009.

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