Misys Announces Preliminary Results for the Year Ended 31 May 2008
Misys plc (LSE: MSY) delivers results ahead of expectations and is nowraising targets for the next phase of the turnaround. Misys generated Grouprevenues(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 intothe next phase of the turnaround plan, building a platform for growth.
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Mike Lawrie, Chief Executive, Commented:
"Our performance over the last 12 months shows that we are ahead inexecuting our strategy, delivering improvements for our customers andachieving good results in demanding conditions. We have taken costs out aheadof schedule, divested non-strategic assets, realigned the business,strengthened the management team, invested in new products and services andestablished winning partnerships that enable us to open up new high growthmarkets."
"Misys has delivered ahead of schedule on our targets we outlined for thefirst phase of the turnaround set out in the March 2007 strategypresentation. As we move into the second phase of the turnaround and in lightof the progress we have made, we think it appropriate to update the strategicgoals for this new phase of the turnaround."
"While we remain vigilant to the challenges posed by the macro-economicbackdrop, our geographic business mix, together with our high levels ofrecurring revenue, give us confidence in our ability to continue to perform.We will sharpen our focus on competing harder, winning more, and enteringinto new high growth markets. Achieving these goals will establish a longerterm platform for growth."
Webcast and dial in facility
A live webcast of the presentation to analysts will be available on theCompany's website at http://www.misys.com from 09.00 today and will beavailable on demand from approximately 14.00.
A listen-only dial in facility will also be available. To access thiscall please dial +44(0)20-8609-0582.
A results interview with Mike Lawrie, Chief Executive will be availablefrom 07.00 on http://www.misys.com and on http://www.cantos.com.
About Misys plc
Misys plc (LSE: MSY) provides integrated, comprehensive solutions thatdeliver significant results to organisations in the financial services andhealthcare industries. We maximise value for our customers by combining deepknowledge of their business with our commitment to their success.
In Banking and Treasury & Capital Markets, Misys is a market leader, withover 1,200 customers, including all of the world's top 50 banks. InHealthcare, Misys is a market leader, serving more than 110,000 physicians in18,000 practice locations and 600 home care providers. Misys employs around4,500 people who serve customers in more than 120 countries.
We aspire to be the world's best application software and servicescompany, 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 forcontinuing operations, excludes disposals and the incremental benefit ofacquisitions.
(2) Excludes exceptional items, gains and losses on embedded derivatives,amortisation of acquired intangibles, translation exchange differencesrecycled from reserves and the impact of acquisitions and disposals and isstated at constant exchange rates.
(3) Excludes the results from discontinued operations, exceptional items,gains and losses on embedded derivatives, amortisation of acquiredintangibles and the impact of translation exchange differences recycled fromreserves and is based on an average number of shares in issue of 483m.
(4) Excludes exceptional items, gains and losses on embed
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