UK banking-to-healthcare software group Misys has said it has returned to growth in the full year with revenues up six per cent on a like-for-like basis and it is ahead of schedule in its turnaround plan with no signs of the credit crunch biting into its business.
The Evesham-based group said it expects total order intake to be up around eight per cent in the year to £261 million while operating profit is seen up 36 per cent and operating margins up by three per cent.
The order intake reflects growth across the group’s divisions, with banking up eight per cent, treasury & capital markets up 16 per cent, healthcare three per cent higher and global services improved by 16 per cent.
In a trading update ahead of full year results, Misys said its merger with Allscripts is on track. In March the company announced a merger of its underperforming healthcare business with the US-based rival in which Misys paid $330 million for a 54.5 per cent stake in the combined group.
The company also said phase one of its turnaround plan is ahead of schedule and it will now move into the growth phase of its strategy to turn the business around after a torrid few years punctuated by a string of profit warnings and a failed management buyout.
Chief executive Mike Lawrie said the credit crisis to date has not affected the group’s expectations and many of its customers remain unaffected by it, most notably in Africa, Asia, the Middle East, Russia and the CIS, while in North America and Western Europe Misys customers are looking to the company to help address cost, compliance and risk issues.