Software giant Misys has warned more job losses are expected as it looks to spin-off its financial services division.

Software giant Misys has warned more job losses are expected, as it looks to spin-off its financial services division.

The group's pre-tax profit rose 16% to £56m. The bottom line pre-tax profit rose to £25m from £2m a year ago.

Despite this, the company was reported as saying that sales to the finance sector are falling and it plans to reduce its finance division.

Misys chairman Kevin Lomax said: "Despite continuing difficult market conditions throughout the first half of the year, the Group's trading results improved.

"These solid results derive from the essential nature of the markets we serve, the strength and diversity of our business activities and the skill and commitment of our experienced management teams."

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