Misys Q3 revenue growth boosted by BankFusion momentum
06 April 2011 | 6391 views | 0
UK fintech vendor Misys has posted a seven per cent revenue rise for the third quarter, boosted by a return to growth for its banking unit as customers sign for the new BankFusion product.
The firm's interim management statement shows revenues up to £85 million with order intake soaring 34% to £49 million for the quarter.
This was boosted by six new customers for BankFusion, finally returning the banking division to growth with a modest two per cent rise on the same period the previous year.
Order intake was up 17% for the unit with Misys' trade services and payments technology also contributing. Global Services orders were up 28%.
Meanwhile, treasury and capital markets revenue continued to grow, up 11% for the quarter with order intake rising 50%. A total of eight new customers were added, while global services orders increased 86%.
Mike Lawrie, CEO, Misys, says: "We have seen good momentum in the third quarter, with order intake growth of 34% and revenue growth of 7%. Our new solutions continued to accelerate, contributing 59% of ILF orders in the third quarter, compared with 33% in last year's third quarter."
In February the company also completed its acquisition of Sophis and sold off its remaining shares in Allscripts for £85 million net of fees. It is returning £670 million to shareholders from the Allscripts disposal, with the final £145 million paid out during Q4.
Shares in Misys were up 11.2 pence, or 3.4%, in mid-morning trading.