Misys, the UK-based software company which recently reorganised itself, says its half year to 30 November 2003 was affected by continued weak market conditions in banking and securities, but its reorganisation now complete. Group revenues were down 10% to ?471 million, while operating profits plunged 45% to ?17 million.
“While these results were disappointing, we have made good progress across the Group in developing our products, strengthening our businesses, and repositioning our portfolio, in order to position ourselves for an improvement in market conditions,” says Kevin Lomax, Executive Chairman of Misys. “Our businesses are healthy, and we remain confident that the Group is well placed to continue to take advantage of market opportunities and to create shareholder value.”