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Misys PLC (MSY)

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Monday 19 March, 2012

Misys PLC

Interim Management Statement

RNS Number : 5646Z
Misys PLC
19 March 2012

19  MARCH 2012



Misys plc (FTSE: MSY.L) Interim Management Statement, including unaudited financial information for the three months ended 29 February 2012.




All comparisons against prior year periods are on a constant currency basis and are pro-forma for the acquisition of Sophis.


·      Revenue down 3% for the year to the end of the third quarter (third quarter: down 12%).

·      Order Intake down 5% for the year to the end of the third quarter (third quarter: down 18%).

·      Customers delayed, but did not cancel, software licence purchase decisions during February as they awaited the outcome of the discussions on the future ownership of Misys. Nevertheless we added 15 new customers in the third quarter.

·      Misys Sophis order intake for the year to the end of the third quarter up 2% (third quarter: up 16%) with 7 new customers in the third quarter, including a tier 1 French institution, adopting Sophis Value for asset management.

·      TCM order intake for the year to the end of the third quarter down 14% (third quarter: down 45%), reflecting a large sale to Bayerische Landesbank during the prior year's third quarter.

·      Banking order intake for the year to the end of the third quarter up 2% (third quarter: down 1%), including a tier 1 US bank adopting Trade Innovation Plus for trade finance.

·      BankFusion live customers have increased to 16 with five recent go-lives, including National Bank of Kenya with BankFusion Universal Banking, United Arab Bank in Sharjah, a new Misys customer, and Habib Bank, the largest bank in Pakistan.

·      Net debt reduced to £107m at 29 February 2012 (30 November 2011: £149m), reflecting strong cash collection during the third quarter.



Misys Acting Chief Executive Tom Kilroy comments,

'Our third quarter results were impacted predominantly by the cautious approach adopted by customers whilst discussions were taking place about the future ownership of Misys, and also by continued challenging conditions in financial markets. However, we are confident that sales are being delayed rather than cancelled.


We are pleased that Misys Sophis continued to build up sales momentum with 7 new customer wins bringing strong orders growth for the third quarter. In addition the two large tier 1 customer wins demonstrate the relevance of our product offerings to banks of all sizes.


Notwithstanding the current uncertainties, Misys remains strong with new and existing customers adopting our market-leading software solutions.'




Divisional Results


Pro-forma, constant currency


3rd quarter

Year to date



% growth



% growth

Order Intake







of which















Misys Sophis














of which















Misys Sophis








In light of the offer for the company announced today, Misys is withdrawing its previous medium-term revenue growth and operating profit margin targets as last announced on 26 January 2012 with the Misys results for the six months ending November 2011.


The previous medium-term revenue growth and operating profit margin targets would constitute a profit forecast and would need to be reported on as part of Rule 28 of the Takeover Code.  Misys believes that it is not possible to report on the profit forecast as there is too much uncertainty in the current market environment over the next two years and hence the profit forecast is being withdrawn and should not be relied upon.





Pro-forma constant currency results

For comparative purposes, prior year results are adjusted by the retranslation of results at current year exchange rates and by the addition of results from Sophis before its acquisition, at current year exchange rates.


The key average exchange rates for the quarter to 29 February 2012 are US$1.57:£1 and €1.196:£1 compared to US$1.58:£1 and €1.18 for the February quarter in 2011.  For the year to date comparisons, the average exchange rates for the current year are US$1.59:£1 and €1.16:£1 compared to US$1.1.56:£1 and €1.19 for the prior year.



Analyst / investor enquiries

Media enquiries

Phil Branston

T: +44 (0) 203 320 5503

M: +44 (0) 789 906 5115

[email protected]

Mike Smith

T: +44 (0) 2074045959


[email protected]



About Misys

Misys (FTSE: MSY.L) provides integrated, comprehensive solutions that deliver significant results to organisations in the financial services industry. Misys maximises value for its customers by combining deep knowledge of their business with commitment to their success. In banking and in capital markets, Misys is a market leader, with over 1,300 customers, including all of the world's top 50 banks. Misys employs approximately 4,200 people who serve customers in more than 120 countries. Misys aspires to be the world's best financial services application software and services company.



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