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January 29, 1989

FAST GROWING MISYS SEEKS APPROVAL TO BUY IN UP TO 10% OF ITS SHARES

By CBR Staff Writer

Misys Plc of Stratford-upon-Avon has announced tis interim results to November 30, a six-month period which has seen it change from a single company selling computer systems to the financial sector, to a group of businesses providing computer services to a number of markets. For during this time Misys has acquired BOS Group and CP Programming Services, as well as investing in additional premises for Misys Dataller. Pre-tax profit rose 106% to UKP1.82, reflecting a strong trading performance from the company’s three subsidiaries: Misys Dataller, BOS Group, and CP Programming Services. In particular, CP achieved the level of warranted profits of UKP1.1m agreed as part of its purchase, and is continuing to grow thanks to the launch of the IBM AS/400 series. Two further companies were acquired on December 16, Zygal Dynamics, and Independent Computer Company. As they were bought after the interim period their results are not included in Misys’ figures. Approximately 40% of the Group’s current profits are derived from the insurance broking sector, but the company now also services the food processing, textiles, banking, corporate accounting, travel agency, higher education, and quarrying markets. Following the Group’s expansion, an Extraordinary General Meeting is being convened for February 27 to offer holders of ordinary shares the right to receive additional ordinary shares in lieu of all or part of their cash dividends. This is because Misys wants to buy back some of its own shares – it is seeking permission to buy in up to 10% – so that it can provide more share-related benefits to staff via a trust.

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