Stock market analysts brushed aside news that Misys Plc has upped revenues by 38% to 448m pounds in the year to May 31 and – ignoring a 37m pounds exceptional charge – increased net income by 44.6% to 66.4m pounds. What troubled them was the thought that the company had been over-ambitious in its $922m acquisition last year of Medic Computer Systems Inc, a leading supplier of application software packages to physiciansÆ practices and other healthcare providers in the US. While Misys insists its US acquisitions are delivering ahead of expectations, it is too early to say whether Medic was worth the money. Certainly the Medic acquisition enabled the healthcare division to turn in an operating profit of 13m pounds on revenues of 83m pounds. The company has a 10% market share in a sector with big growth potential, but plenty of competitors to check its long-term ambitions. Banking is still the mainstay of Misys operations and provides 58% of revenues and 73% of operating profit.
