Misys announced a "disappointing" set of results showing profits down by 45% and revenues down by 10% in the six months to 30 November 2003.

The software group's financial services division, which includes its general insurance business, reported a statutory operating loss in the period of £2m, against a profit in the same period the year before of £3m.

Overall, the group's statutory profit for continuing operations fell by 45% to £17m from £31m. Revenues were down 10% to £471m from £521m. Adjusted operating profit was down 22% to £48m from £62m.