Profits rise at IT firm Misys

Misys is optimistic about its full-year targets despite the economic slowdown

Software provider Misys has reported an increase in pre-tax profit for the six months to the end of November.

Pre-tax profit was £67m, up from £21m in the same period last year, while revenue rose 22% to £280m from £230m.

This figure does not include exceptional items such as the disposal of Misys Healthcare.

Misys attributed its strong performance to the diversity of its product range and the fact that 55% of its revenues come from the US healthcare market.

These factors are "helping to drive growth despite the difficult economic environment," Mike Lawrie, chief executive said.

"While we are conscious of the difficult environment, we remain optimistic that we will deliver against our full year targets," he added.

Misys stock has been heading downwards over the past year and in November 2008, it dropped to a 10-year low of 78p. It closed at 114.5p on Thursday.

The British firm sells its products to the financial services industry as well as doctors in the US through its Allscripts-Misys subsidiary.