Misys profits from increased bank IT spending
Software and services provider Misys will report higher revenues and profits from its banking division next month, as banks continue to increase their IT budgets.
Sales to both wholesale and retail banks had been strong, Lomax said, with overall banking revenues up 7%, like for like. Initial licence sales were up 16% and operating margin rose two points from 16% to around 18%.
The company's order book also rose, which, Lomax said, was partly due to a trend for larger contracts runnning for longer periods.
Misys made banking sales of £240.2 million last year, with total sales of £899.9 million. Final results are due on July 21.
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