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Misys announces unaudited results for six months ended November 2009 |
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Misys plc, which provides application software and services to the health care and financial services industries has announces interim results for the six months ended 30 November 2009. The company's adjusted operating profit was up 11% on pro-forma, constant currency basis. This, as reported, was down 32%, representing disposal of Misys Healthcare in prior year. Adjusted basic earnings per share were reported up 24% to 4.6p, and reported revenues were £361m, up 29% on the first half of 2008/09. Revenue (pro-forma, constant currency) was down 1%, while recurring revenues from maintenance, application service provider (ASP) subscriptions and transaction processing made up 62% of revenue and were up 6% on prior year (pro-forma, constant currency). ASP revenues were up 22% and a rising proportion of orders, as customers transition to new solutions on new delivery platforms. Group order intake was reportedly up 10% including Allscripts up 20% and Treasury & Capital Markets up 16%. Cash conversion improved and net debt reduced to £120m from £129m at the start of the period. Misys said Allscripts saw strong demand and margin improvement, which drove double-digit net income growth. Treasury & Capital Markets too strengthened its market position, acquiring 14 new customers during the period. The Banking division faced challenging trading conditions but saw adoption of newer products gain traction. Six customers signed up for the new BankFusion banking software platform, while two were added in the period with another two signed up after the period ended. Misys said it was comfortable with earnings expectations for the full year. Chief Executive Mike Lawrie said the company achieved adjusted operating profit growth of 11% on “our adjusted basis, due to the resilience, innovation and improving efficiency of our business, despite uncertain economic conditions.” He attributed Misys performance to strong recurring revenues from software maintenance, ASP subscriptions and transaction processing, which grew in the period “during a period of increased customer satisfaction.” “In the Banking market post credit crisis, IT spending remains subdued and we are seeing banks shifting towards fee-earning activities. We have renewed our product portfolio in response to this, and we see a growing pipeline for our new products in mobile banking, trade services, transaction banking and business intelligence,” Lawrie said. Lawrie said Misys was making good progress in the second phase of its multi-year turnaround program, being focused on launching innovative solutions and becoming more competitive. For the second half of 2009/10, he expected strong order intake and sales pipeline that would “lead us to expect second half revenue growth to be back in line with our 5-8% pro-forma constant currency target for this second phase of our turnaround plan, yielding full year revenue growth of approximately 2-4% on that basis. We expect continuing cost discipline to deliver operating margins within the target range of 18-20% for the full year. Consequently we are confident of achieving earnings growth consistent with our expectations for the full year 2009/10.” |
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