Misys posts FY revenue rise; to return $1bn to shareholders

Group Highlights
• Adjusted basic earnings per share up 34% to 13.1p
• Adjusted operating profit £148m, up 26% (10% on a pro-forma constant currency basis)
• Order intake up 27% (14% on a pro-forma constant currency basis)
• Reported revenue of £782m, up 13%
• Revenue growth (pro-forma constant currency) of 3%, accelerating from -1% in the 1st half to 7% in the 2nd;
• Net debt reduced to zero at 31 May 2010 from £129m at 31 May 2009 due to strong cash conversion
• Realising shareholder value through disposal of majority stake in Allscripts, expected to generate approximately $1 billion of proceeds for return to shareholders

Divisional Highlights Comparisons stated on a pro-forma constant currency basis.
• Allscripts revenue growth of 8% for the full year, accelerating from 2% in the first half to 13% in the second half
• After separation from Allscripts, Misys will be a pure play financial services software company
• Treasury & Capital Markets revenue growth of 9%, accelerating from 1% in the first half to 17% in the second half
• Banking revenues weak; Misys new solutions begin to enter the market and business well positioned for re-engineering of financial services sector
• Management's medium-term targets after the Proposed Sale are unchanged. For the two years to 31 May 2012, these are revenue growth rates (at constant currency) of 5 to 8% and adjusted operating margins between 17% and 20%.

Chief Executive Mike Lawrie comments 'We have been working hard over recent years to transform Misys. The Company started to execute against its five year turnaround plan in 2007. We have substantially invested in developing and launching new leading-edge solutions and services to better meet the evolving needs of our customers. We have made significant progress in all our objectives: customer satisfaction continues to improve; our revenues have almost doubled; operating profit has significantly grown; and our net debt has been reduced to zero. These actions have now positioned us for leadership. The merger of our healthcare business with Allscripts in 2008 created the leader in US physician office healthcare IT and was extraordinarily successful. Now the proposed merger between Allscripts and Eclipsys will create a leader in end to end solutions across all healthcare settings. As we sell our controlling stake to enable the merger, Misys shareholders will receive an unprecedented return of capital expected to be approximately $1billion. We have invested in our people, solutions, processes and partnerships and we continue to innovate. We now have an opportunity to create a leader in Financial Services. Our new solutions portfolio is well placed to help financial institutions as the industry prepares for growth once more. We have the right team in place, world class partnerships and improved customer satisfaction, allow us the right to address new solutions to our customers. We have an opportunity to participate in the fundamental re-engineering of the global financial services sector. Our future looks very exciting.'

Read the full statement here: