Misys profits from increased bank IT spending

Speaking in advance of the company's full-year results announcement next month, Misys chief executive Kevin Lomax said: "Overall I am quite pleased. This demonstrates continuing momentum in the second half of the year."

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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