In view of our Tender Offer to repurchase shares from our shareholders, open until 15 December, we believe it is important that shareholders have the most current information on our operating results upon which to base their decisions.
Preliminary unaudited estimates of the results from continuing operations for the six months ended 30 November 2010, excluding the divested Allscripts business, are as follows (all prior year results are retranslated on a constant currency basis1):
Order Intake (excludes maintenance) of £80-82m (2009/10 first half: £79.1m)
Revenue of £160-162m (2009/10 first half: £160.6m)
Adjusted Operating Profit 2 of £20-23m (2009/10 first half: £21.6m)
As reported in our previous statement on current trading on 12 November, made at the same time as we announced the proposed acquisition of Sophis, the incidence and timing of individual orders has a more marked impact on the financial results since the divestment of the Allscripts business reduced the size of the Misys revenue base. The first half results reflect the impact on licence orders and licence revenues of delays to a small number of larger
potential orders, particularly in our Treasury & Capital Markets business. We expect the delayed deals to close in the second half.
In Treasury & Capital Markets, order intake is expected to be £38-39m (2009/10 first half: £40.9m). Revenues are expected to be £83-84m (2009/10 first half: £ 81.0m). There were some key new name deals in the period for the Summit and Opics trading and risk management solutions, in both emerging and developed markets.
In Banking, order intake is expected to be £41-42m (2009/10 first half: £ 38.1m). Revenues are expected to be £76-77m (2009/10 first half: £79.7m). BankFusion momentum continued with 13 orders during the period and the fourth customer going `live' - the first completed conversion to BankFusion Equation. New solutions, including not only BankFusion but others such as Trade Finance, Trade Portal and Cash Portal, were approximately 60% of ILF orders (2009 first half: 16%).
Consistent with our previous statement on current trading on 12 November, our targets, excluding the impact of the Sophis acquisition, for the two years to 31 May 2012, remain unchanged.
A full statement and presentation of the Misys first-half results will be made on 25 January 2011. Further details of the time and location of the presentation will be provided before that date.
1. Movements in the US dollar, the Euro and other currencies impacted revenues in the period. The key average exchange rates for the period were US$1.55:£1
and €1.19:£1 compared to US$1.64:£1 and €1.13 for the prior year period. Constant currency growth rates are based on prior year results retranslated at current period exchange rates.
2. Adjusted operating profit from continuing operations is stated before exceptional items, gains and losses on embedded derivatives and amortisation of acquired intangibles.