Misys profit up 27 per cent

Credit crunch fails to bite on banking and healthcare technology vendor

Written by Tom Young

Computing, 25 Jan 2008

Banking and healthcare technology supplier Misys six-month profit rose 27 per cent to £35m, up from £27m the previous year.

Total order intake during the period was up three per cent to £110 million.

"We have rebalanced our portfolio to focus on the highest growth areas of the markets we serve and we are partnering to address new markets," said chief executive Mike Lawrie.

Misys won a number of new contracts from customers in emerging markets - such as India and China. It has also signed partnership deals in these countries with other companies such as iMedica, SAP, HCL, Wipro and Digital China to help drive sales.

Last year UBS analysts downgraded Misys amid concerns that banks were reviewing IT budgets.

The analysts forecast a 20 per cent decline in treasury and capital markets licence sales in the first half of 2008.

But Lawrie said the divisions were still doing well.

"Treasury & Capital Markets both continue to make good progress with a number of new name wins," he said.