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January 28, 1998

MISYS SHRUGS OFF PROBLEMS TO BOOST PROFITS

By CBR Staff Writer

Misys Plc, the big UK financial software house, has reached the half year stage with sales and orders so buoyant that the combined woes of Asian banking turmoil and a strong pound were reduced to little more than a footnote. Extra business generated by European monetary union and the acceleration in demand for new Year 2000 compliant systems from the 1,800 banks that Misys trades with met and matched any worries about Asia Pacific or currency conversion, the company said. Net profits for the six months to November 30 were up 39% at 24m pounds on revenue that rose 24% to 178m pounds. And the figures exclude any contribution from the $923m purchase of Medic Computer Systems Inc last year, income from which will be consolidated in the second half. Already a city darling, Misys’ shares rose strongly on the news, up 5.7% to 2177.5 pence, and a stock split is likely around the year end, said chairman Kevin Lomax. While the firm’s EMU related business is likely to run to tens of millions of pounds, the purchase of Medic Computer Systems positions Misys to benefit from the latest trend in US healthcare services where groups of 150 plus Physicians are banding together to bid for fixed price annual business from the large corporates. These new partnerships are heavy spenders on the specialist IT systems required to support their business. Misys now has a strong following in the US, with around 20% of its equity held across the Atlantic, and Lomax stated that a New York Stock Exchange listing was likely within twelve months.

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