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By | Kelly Fiveash 20th September 2007 10:18

Misys revenue up six per cent

But healthcare arm still under the weather

Healthcare and banking software firm Misys plc said yesterday that its first quarter revenues had beaten market expectations.

It said Q1 revenues were up six per cent to £104m compared to the same period in 2006.

The UK-based company attributed much of its growth to a strong performance within the banking arm of its business.

Misys CEO Mike Lawrie said: "Despite the significant seasonality traditional in our business, banking delivered strong ILF [Initial Licence Fees] growth driven by a number of valuable contracts and treasury and capital markets performed ahead of the budget we set."

But the firm conceded that it was "too early" to expect a major turnaround in the poorly performing healthcare division of Misys, which saw Q1 like-for-like revenues at £46m down two per cent.

He said the firm will continue to push for a larger chunk of the healthcare software market by making in-roads into a more solution-orientated space, as well as bumping up its global services biz.

Part of that commitment has been underlined in the past month following strategic deals with German software firm SAP and healthcare outfit iMedica, Lawrie said.

Misys shares are currently trading at 218 pence on the London Stock Exchange, down more than three per cent on the previous close.

The full Misys results can be viewed here. ®

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