Misys, the UK-based IT company undergoing managerial and organisational restructuring, has reported earnings ahead of market expectations in the year ended 31 May
The company made an operating profit of 70 million on sales of 1,014 million (2002: 1,041 million), which was well up on the previous year’s 52 million. Operating profits adjusted for goodwill and exceptional items came in at 130 million (2002: 128 million).
“I am pleased to report on a year of resilient trading and continued investment for the Group,” says Kevin Lomax, Executive Chairman of Misys. “Although market conditions generally remained challenging throughout the year, we were able to improve profitability while at the same time pursuing major initiatives in each division to expand and re-position within our target markets. Taking the trading performance of the Group as a whole, we expect to make further progress in the current year.
However, this improvement is likely to come through in the second half.”
Misys expects to issue its next trading update at its Annual General Meeting on 30 September 2003.