Misys, the insurance software provider, lost some of the gains its shares made yesterday when the stock shot up by 21%, on an announcement that it will float its IFA business within two years.
The company said it would wait for stock markets to recover before floating its network of 7,000 IFAs.
Its shares closed at 220p yesterday but fell back nearly 7% to 204p this afternoon.
The announcement came as Misys unveiled results showing pre-tax profits, adjusted to exclude exceptionals, goodwill and certain investments, had fallen to £112m in the year to May 31 from £136m the year before.
Turnover went above £1bn for the first time, rising 22% to £1.04bn, with £227.4m due to acquisitions but pre-tax profits fell from £97.1m to £34.7m, largely due to goodwill being written off on acquisitions.
The dividend was 4.93p (4.29p), while earnings per share were 3.7p (13.0p).
