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Misys reports dip in full-year profits

UK banking-to-healthcare software group Misys has reported a drop in full-year profit before tax to GBP39 million, from GBP61 in 2005, which the company blamed on its "transition to higher growth market areas".

The company, which is in the middle of a takeover battle, said that its overall performance was encouraging. Adjusted earnings per share were 14.3 pence, down from 14.8 pence in 2005, while operating profit declined to GBP56 million from GBP72 million from last year.

However, the company also reduced its net debt to GBP95 million from GBP219 million, and completed its restructuring within its banking division. The company is increasing its annual dividend by 5% to 7.18 pence per share.

The past year has been one of transition as we focus on moving towards the higher growth segments of our markets, said chief executive Kevin Lomax. Looking forward, we see substantial opportunities to grow our business, in particular in developing economies where fast economic growth is driving upgrades of core banking systems.

Misys has received several offers recently for all or part of its business and said that it has allowed certain parties access to specific non-public information to carry out due-diligence.