Misys reports solid first half; CFO quits

Misys reports solid first half; CFO quits

UK banking to healthcare software group Misys is reporting a positive first-half performance with revenue, order intake and operating profit showing gains across all business units.

The banking unit delivered revenue and total order intake growth in the period despite the uncertainty of the macroeconomic environment. The firm says its geographic diversity and the mission-critical nature of its product suite have helped it weather the downturn "although larger contract decisions by our customers are now subject to more detailed reviews involving their senior management".

In the treasury and capital markets business total order intake and initial license fee income remained strong, despite a slight decline in new orders year-on-year. A switch to third party suppliers for services and funded development work also fed through to the groups services business unit, which has begun to offer customers pre-packaged solutions with bundled modules and software-as-a-service options for fast turn-around and implementation.

Across the business, revenue is expected to exceed the £230 million reported in the first half of 2008, and total order intake to show double digit growth from 2008's £121 million. Adjusted operating profit will likewise outstrip the £35 million figure reported in H1 08.

The company also reported the resignation of CFO Jim Malone "by mutual agreement". He will replaced on an acting basis by James Gelly, who joined the firm in November.

Despite an initial bounce, Misys' share price had drifted back below the day's opening from 117 pence to 114.5 by mid-morning.

Comments: (0)