London 23rd July 2001. Midas-Kapiti International's (MKI) parent company, Misys plc, reported record levels of revenue and profits, plus a 17% increase in earnings per share (EPS) when the Group's results for the financial year ended 31st May 2001 were announced last week. Group Chairman, Kevin Lomax, commented, "In the Banking & Securities Division, after a slow start to the year, demand and activity levels improved. Following three half-years where revenues had been adversely affected by Y2K, revenue in the second half advanced to an all-time record of Â£183m, an increase of 13% compared to the second half of 2000. Highlights of the results were:-
Revenue Operating profit
pre goodwill amortisation
2001 2000 Growth 2001 2000 Growth
Â£m Â£m Â£m Â£m
Banking and Securities 349 323 8% 90 88 3%
Healthcare 186 170 9% 37 31 17%
Financial Services 314 205 53% 27 19 44%
B2B Internet Services - - (4) (4)
Group - - (10) (8)
Continuing operations 849 698 22% 140 126 11%
Discontinued operations 10 11 (17) (7)
859 709 123 119
Exceptional items (note 1) 8 19
Adjusted profit before taxation (note 2) 140 123
Net Income 75 82
Adjusted earnings per share (note 2) 19.3p 16.5p
Full year dividend per share 4.29p 3.73p
Net funds (debt) 53 (21)
John Fry, Chief Executive Officer of MKI, the largest company in Misys plc's Banking & Securities Division, points out, "After a slow start to the year, there was a marked increase in order intake from the autumn through to the spring of 2001. In addition, during this period, the prospect pipeline was being continually replenished as new orders were being signed."
"In fact, revenue and profit increased in the second half of the financial year, compared with the same period last year by 13% and 14% respectively," he continues. "MKI performed particularly strongly in the Treasury & Capital Markets sector, while our Risk Management products also did well. Overall, the division's revenue of Â£349m was 6% ahead of last year's total, while professional services revenue increased by 14% for the same period, reflecting a recovery from the depressed levels around Y2K."
John Fry concludes by saying, "Activity levels and the list of qualified prospects remain strong, with ILF order intake in the Banking Division for the first six weeks of the current financial year showing an increase of 75% year on year, reflecting the closure of orders deferred from the last weeks of the financial year."