Misys Plc’s figures – see page five – indicate that the company’s acquisitions have been good ones, but there are so many that comparisons with last year are not really meaningful: the company expresses caution about the UK economy but operates sufficiently conservatively that all goodwill is written off against reserves at the time of acquisition, and it still managed to end the period with as much cash as it had a year ago, despite heavy outflows during the period – but a key part of the game is finding acquisitions that generate strong and predictable cash flow; Misys reckons that it now ranks among the top five biggest quoted computer services companies here in the UK.
