Misys posts an increase in revenues

BRITISH IT company Misys yesterday posted a seven per cent rise in third quarter revenue and an 18 per cent growth in operating profit, on improved sales to the healthcare and financial services sectors.

The company, which provides software to banks, brokers and doctors, posted revenue of £192m, against £179m for the same period last year.

Chief executive Mike Lawrie said a capital markets recovery and the US stimulus package, which is helping doctors move to electronic records, meant the firm boosted sales.

“We have real momentum, particularly in our healthcare Allscripts business,” he said. “The group’s majority owned Allscripts-Misys unit provides electronic health record systems to doctors.”

“Where we continue to see some weakness, although that weakness has stabilised, is in banking. We still see some hesitation on the part of banks to commit new IT projects,” Lawrie added.

However, the group was seeing a pick up in the pipeline for its new products, such as its new BankFusion IT platform – which handles lending, deposits, payments – for banks, he said.

“We will see an improvement in that business as we get into the second half of this calendar year,” he added. Misys has set a target of signing up 250 banks to BankFusion within five years.