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Swings and roundabouts at Misys as gains in banking offset treasury decline

25 June 2009  |  4899 views  |  0 ticker 2

Banking to healthcare vendor Misys is reporting a five per cent rise in like-for-like revenue at its banking division and a two per cent decline in its treasury and capital markets business, in an unaudited trading statement for the year ended 31 May 2009.

The UK firm said total revenue from continuing operations increased by around 40% compared with the prior year, to about £695 million, boosted by the creation of the Misys/Allscripts healthcare operation in October last year. On a pro-forma like-for-like basis), which adjusts for the effects of the Allscripts transaction and favourable movement in foreign exchange rates, group revenues rose by approximately three per cent and total order intake rose by about two per cent in the year.

In the banking division, reported revenues for the year were approximately £180 million, up about 15%. Adjusted for favourable currency improvements, revenue rose about five per cent. Total order intake rose about nine per cent, to £90 million; banking orders declined about one per cent on a like-for-like basis.

In treasury and capital markets, Misys says customers sought to reduce spending during the year and decision cycles became "elongated and less predictable". The business picked up 25 new name customers, but reported a two per cent revenue decline on a like-for-like basis to £160 million. Total order intake rose four per cent, to about £75 million; on a like-for-like basis, orders declined about 10%.

The vendor says the unit experienced extended customer decision cycles on a number of deals, resulting in a reduction in ILF orders and revenues in the fourth quarter, particularly in Asia and the USA.

Talking up the results, Mike Lawrie, Misys chief executive, pointed to a "significant improvement in customer satisfaction across all divisions, the successful delivery of multiple new solutions to market during the year and around 200 go-lives across banking and treasury and capital markets."

Shares in the vendor were largely un-moved by the results, shaving a percentage point to stand at 170 pence in mid-morning trading.
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