Misys (FTSE: MSY.L) the global application software and services company, today 23 July 2009 announces strong results and continued growth for the year ended 31 May 2009.
Despite the difficult economic environment, Misys is growing revenues and profit and building a platform for growth.
Reported Group revenue from continuing operations has increased by 41% compared with the prior year, to £692m. Total reported order intake has increased by £200m to £434m. On a pro-forma like-for-like basis1, which adjusts for the effects of the Allscripts transaction on 10 October 2008 and the favourable movement in foreign exchange rates, Group revenues were £748m a 3% increase on the prior year and total order intake rose by 2%. Reported adjusted operating profit from continuing operations2 was £117m compared with £81m in the prior year, an increase of 43%. Reported adjusted operating margin was 17% compared with 16% in the prior year. On a pro-forma like-for-like basis, adjusted operating profit increased by 14.4%.
- Statutory revenue: £692m an increase of 41% (2008: £492m)
- Like for like revenue: £748m an increase of 3% (2008: £726m)
- Statutory operating profit: £115m an increase of 121% (2008: £52m)
- Like for like adjusted operating profit: £135m an increase of 14.4% (2008: £118m)
- Earnings per share: basic 16.0p (2008: 23.5p); adjusted basic earnings per share from continuing operations 9.8p (2008: 12.6p)
- Allscripts-Misys Healthcare Solutions, Inc (Allscripts)
- Revenue as reported £348m, up 83%; on a like for like basis were £404m, up 5%; o
- Total order intake as reported £266m, up 132%; on a like for like basis were £303m, up 7%;
- Misys plc owns a 56.7% stake of Allscripts which is listed on NASDAQ
- The merger was completed on 10 October 2008 and the integration is substantially complete
- Allscripts is the market leader in provision of healthcare information technology to the physician sician market in the US and is investing to benefit from the US federal stimulus package
- Revenue as reported £183m, up 15%; on a like for like basis were £183m, up 5%;
- Total order intake as reported £90m, up 9%; on a like for like basis were £90m, down 1%;
- Successful first customer go live for Misys BankFusion Universal Banking
- Launched new versions of Trade Innovation, and new offerings in wealth management and risk
- Treasury & Capital Markets (TCM)
- Revenue as reported £161m, up 14%; on a like for like basis were £161m, down 2%;
- Total order intake as reported £78m, up 6%; on a like for like basis were £78m, down 9%;
- TCM launched SOA Opics Plus version 3.0 and extended hosted version of Opics Plus and Loan IQ
- Despite challenges in the market TCM gained over 25 new name customers
- Global Service (Revenue and total order intake included within above business units)
- Revenue as reported £112m, up 30%; on a like for like basis were £124m, up 3%;
- Total order intake as reported £115m, up 39%; on a like for like basis were £122m, down 18%;
- Invested in high-quality and low-cost customer contact and support centre's in Bangalore, Beijing, Bucharest and Manila.
- Expanded off-shore resources in delivering funded development to our customers
- Open Source Solutions
- Division launched in July 2007 to drive innovation
- Focussed strategy on Healthcare and Carbon trading markets
- Two early customer wins one in Healthcare and the other with a major energy company to help develop infrastructure to manage carbon trading market
MIKE LAWRIE, CHIEF EXECUTIVE, COMMENTED: "Misys continues to deliver growth in revenues and operating profit despite continuing difficult markets. Commitment to our customers has remained our priority, delivering new solutions, products and services and responding to their needs in a tough economic environment."
"Our robust business model, diverse geographic footprint and large installed base have helped us deliver strong financial performance in demanding conditions. We have transformed our business, to a united operating company model with excellent people using disciplined processes to deliver value to our customers."
"We are focused on cash generation and have reduced net debt by one-third and completed refinancing. As a result of these actions we have de-risked the business and we continue to see the benefits of our agile business model."
"Misys has launched over 40 new solutions, product upgrades and services since the beginning of the turnaround. We are building platforms for growth by continuing to invest in new products, in people and markets so when the global economy begins to improve we are prepared to capitalize on the opportunity."
Financial Model Targets
Misys is maintaining its previously published (23rd October 2008) Group financial model targets for the period through FY2010. In summary these called for group revenue to grow on a pro-forma like-for-like basis 5-8% and to achieve adjusted operated margins of 18-20%.
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