LONDON, July 24 /PRNewswire-FirstCall/ –
Misys plc (LSE: MSY) delivers results ahead of expectations and is now raising targets for the next phase of the turnaround. Misys generated Group revenues(1) of GBP492m up 6%, bringing Group operating profit(2) to GBP81m, 37% ahead of last year. Misys is executing on its strategy and entering into the next phase of the turnaround plan, building a platform for growth.
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– Banking – Revenue(1) GBP160m, up 5% – Total order intake(5) GBP83m, up 8% – Successful start to implementation of Misys BankFusion with First customer contract signed – Treasury & Capital Markets (TCM) – Revenue(1) GBP141m, up 13% – Total order intake(5) GBP73m, up 16% – Launched strategic partnerships and new revenue generating services – Healthcare – Revenue(1) from continuing operations GBP191m, up 2% – Total order intake(5) GBP103m, up 2% – Stabilised, reorganised and positioned the business for growth – Proposed merger with Allscripts on track – Global Services (Note: revenue and total order intake included within above business units) – Revenue(1) GBP83m, up 19% – Total order intake(5) GBP83m, up 16% – Launched upgrade solution centre in India – Open Source Solutions – Division launched in July 2007 to drive innovation – Focused on two key market opportunities, connecting healthcare communities and carbon trading Financial Performance – Statutory revenue: GBP492m an increase of 5% (2007: GBP469m) – Like for like revenue(1): GBP492m an increase of 6% (2007: GBP464m) – Statutory operating profit: GBP52m an increase of 179% (2007: GBP19m) – Like for like operating profit(2): GBP81m an increase of 37% (2007: GBP59m) – Earnings per share: basic 23.5p (2007: 3.1p); adjusted basic earnings per share from continuing operations(3) 12.6p (2007: 7.5p) – Full year dividends: 7.91p (2007: 7.53p)
Mike Lawrie, Chief Executive, Commented:
"Our performance over the last 12 months shows that we are ahead in executing our strategy, delivering improvements for our customers and achieving good results in demanding conditions. We have taken costs out ahead of schedule, divested non-strategic assets, realigned the business, strengthened the management team, invested in new products and services and established winning partnerships that enable us to open up new high growth markets."
"Misys has delivered ahead of schedule on our targets we outlined for the first phase of the turnaround set out in the March 2007 strategy presentation. As we move into the second phase of the turnaround and in light of the progress we have made, we think it appropriate to update the strategic goals for this new phase of the turnaround."
"While we remain vigilant to the challenges posed by the macro-economic backdrop, our geographic business mix, together with our high levels of recurring revenue, give us confidence in our ability to continue to perform. We will sharpen our focus on competing harder, winning more, and entering into new high growth markets. Achieving these goals will establish a longer term platform for growth."
Webcast and dial in facility
A live webcast of the presentation to analysts will be available on the Company's website at http://www.misys.com from 09.00 today and will be available on demand from approximately 14.00.
A listen-only dial in facility will also be available. To access this call please dial +44(0)20-8609-0582.
A results interview with Mike Lawrie, Chief Executive will be available from 07.00 on http://www.misys.com and on http://www.cantos.com.
About Misys plc
Misys plc (LSE: MSY) provides integrated, comprehensive solutions that deliver significant results to organisations in the financial services and healthcare industries. We maximise value for our customers by combining deep knowledge of their business with our commitment to their success.
In Banking and Treasury & Capital Markets, Misys is a market leader, with over 1,200 customers, including all of the world's top 50 banks. In Healthcare, Misys is a market leader, serving more than 110,000 physicians in 18,000 practice locations and 600 home care providers. Misys employs around 4,500 people who serve customers in more than 120 countries.
We aspire to be the world's best application software and services company, delivering results for the most important industries in the world.
Misys: Experience, Solutions, Results
(1) On a like for like basis, which is at constant exchange rates for continuing operations, excludes disposals and the incremental benefit of acquisitions.
(2) Excludes exceptional items, gains and losses on embedded derivatives, amortisation of acquired intangibles, translation exchange differences recycled from reserves and the impact of acquisitions and disposals and is stated at constant exchange rates.
(3) Excludes the results from discontinued operations, exceptional items, gains and losses on embedded derivatives, amortisation of acquired intangibles and the impact of translation exchange differences recycled from reserves and is based on an average number of shares in issue of 483m.
(4) Excludes exceptional items, gains and losses on embedded derivatives, amortisation of acquired intangibles and the impact of translation exchange differences recycled from reserves.
(5) Total order intake is presented on a gross basis reflecting contracts signed during the fiscal year. Prior year amounts were previously reported on a net basis, however for comparative purposes 2007 has been restated to a gross basis.
Full details of Misys Preliminary Results for the fiscal year ended 31 May 2008 can be found at http://www.misys.com
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