Misys plc, Midas-Kapiti International's (MKI) parent company, has reported an increase in sales, significantly higher activity levels and strong growth in order intake for its Banking & Securities Division, when the Group’s interim results for the half-year ended 30th November 2000 were announced yesterday. Misys Chairman Kevin Lomax commented, "In the Banking & Securities Division, the more mature products continue to make an important contribution to progress; the more recently developed products are finding wide acceptance, with strong growth in demand. Prospects for our wholesale banking products and their related professional services revenues, which account for the majority of divisional revenues, look particularly encouraging."

John Fry, Chief Executive of MKI, the largest company in Misys Banking & Securities Division, points out, "Sales were ahead of the comparable period last year, while margins have reverted, as anticipated, to the levels achieved prior to the effects of Y2K and the Euro. After an encouragingly strong final quarter to the last financial year, the first quarter of this year was slightly slower than expected. However, demand and activity levels in the second quarter have been strong, with a broadly based recovery becoming apparent worldwide. The recovery in demand for our portfolio of products in treasury & capital markets and risk management has been strong, with an excellent performance from our newer products. Since the half year, the growth in order intake and prospects has remained encouraging, with a continuing upward trend in our professional services activities."

He goes on to say, "Prospects for our wholesale banking systems and their related professional services revenues look particularly encouraging, and recent product developments should improve the positioning and performance of our retail banking offering."

John Fry concludes by saying, "While we do not have a significant share of the US domestic banking and securities markets, we do trade extensively with global US banks. To date, we have seen little evidence of a slow-down in the US economy affecting demand for our products."

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