Misys Plc (MSY.L, MUSJF.PK) reported a 12% drop in its third-quarter revenue to 89 million pounds from 100 million pounds in the prior-year period, on a pro-forma constant currency basis. Quarterly order intake was down by 18% to 52 million pounds from 63 million pounds a year ago. For comparative purposes, last year results are adjusted by the retranslation of results at current year exchange rates and by the addition of results from Sophis before its acquisition, at current year exchange rates, Misys added.
The company's Acting Chief Executive Tom Kilroy said, "Our third quarter results were impacted predominantly by the cautious approach adopted by customers whilst discussions were taking place about the future ownership of Misys, and also by continued challenging conditions in financial markets. However, we are confident that sales are being delayed rather than cancelled."
In light of the offer for the company announced today, Misys is withdrawing its previous medium-term revenue growth and operating profit margin targets as last announced on January 26, 2012 with the Misys results for the six months ending November 2011. The company anticipates that it is not possible to report on the profit forecast as there is too much uncertainty in the current market environment over the next 2 years and hence the profit forecast is being withdrawn and should not be relied upon.
by RTT Staff Writer
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