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 ...
Shares in Misys took a dive today after it 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.
Shares were down by 12.75p or 5.5% to 221p despite the company having issued a sales warning last month.
Executive chairman Kevin Lomax described the results as "disappointing" but said good progress had been across the group preparing for an improvement in market conditions.
The group reported that market conditions for the general insurance business were more stable than the Misys IFA network business Sesame but its operating profit of £7m, slightly ahead of last year, was not enough to compensate.
Basic earnings per share at 4.1p were 1.5p above the previous year's 2.6p. Adjusted to exclude goodwill amortisation, non-operating exceptional items and a 2003/2004 exceptional prior year tax credit it was 6.9p, 15% below last year's 8.1p.
