Misys says the second half of its financial year, which ended on 31 May, was much stronger than the first.
On the banking side, order intake was up 8% and the company says it has an encouraging pipeline of new business. In healthcare, Misys says it enjoyed a good operating performance, with order intake up 13% in the second half. The company says it is investing to maximise a growing clinical market opportunity. The financial highlights were:
Turnover: £900m (2003: £1,014m)Operating profit: £30m (2003: £71m)Adjusted operating profit1: £102m (2003: £131m)Like for like operating profit2: £103m (2003: £118m)Share repurchases: £95m (2003: £47m)Net debt: £183m (2003: £119m)Earnings per share: Basic 4.4p (2003: 8.1p); Adjusted3 14.8p (2003: 18.7p)Dividend per share: Full year dividend of 6.52p per share up 15%
Commenting on the results, Kevin Lomax, Executive Chairman of Misys, said the results were not satisfactory. “We cannot consider these financial results as satisfactory,” he says. “They reflect a difficult first half of the year, which we commented on in January. The second half performance was however much stronger, reflecting the benefits of major investment in our product portfolio and other strategic initiatives. We believe we are now in a good position to take advantage of future opportunities in our markets.”