Misys to return Allscript proceeds to investors

 
City A.M. Reporter
Software firm Misys said it would return the remaining proceeds of its Allscripts disposal, equal to 38 pence a share, to shareholders, and said the recent closing of deals kept its core business on track.

The company, which sold most of stake in its Allscripts-Misys healthcare software joint venture last year, said on Tuesday it would return about £145m to shareholders.

It has already used about £525m of proceeds on a share buyback.

Misys, which focuses on banking and treasury and capital market software, reported revenue of 161 million pounds and operating profit of £23m for the six months to end-November, in line with guidance given in December when it said some orders had been delayed.

The company, which became a leader in the TCM sector when it bought Dublin-based Sophis in November, said most of the outstanding deals had been closed since the period end, and its medium-term target of annual 5-8 per cent revenue growth was unchanged.

Analysts expected Misys to report adjusted operating profit of £23.4m, just above the company's guidance of £20-23m range, on revenue of £161.9m, in line with the £160-162m company range.