Misys finds renewed strength

MISYS, the computer services group, has recovered from a poor 1991 after taking action to cut costs, boost margins and tighten control of working capital.

Costs have been reduced by pounds 1.7m, mainly due to redundancies among senior staff. Margins have been improved by an increase in software sales compared with hardware sales.

Pre-tax profits for the year to 31 May 1992 rose 62 per cent to pounds 9.1m, compared with pounds 5.6m previously. Turnover increased 1 per cent to pounds 68m compared with pounds 67.3m.

While hardware sales fell by 19 per cent, software sales rose slightly. Service revenues rose by 18 per cent.

Earnings per share rose to 17.8p from 11.5p. The final dividend is 3.83p compared with 3.51p, making a total of 6.10p compared with 5.67p.

The shares rose 7p to 298p.