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Misys profits boosted by IFA division

A good performance by Misys&#39 IFA Services contributed to revenue and profit growth for the software group.

The insurance division, incorporating IFA Services, reported increased revenue and operating profit in its interim results for the six months to November 30, 2000.

The revenue for the entire Misys group was up by 20 per cent on the same period of 1999 to £413m from £345m. Operating profits rose by 5 per cent to £66m from £62m.

The insurance division&#39s revenue increased by £61m to £153m from £92m in 1999 and operating profits rose to £13m from £8m. Misys chairman Kevin Lomax says stakeholder and polarisation are good for Misys&#39 insurance division but cost pressures on the IFA industry are acute.

Misys says it is having problems with m-link, its e-commerce portal for insurance companies and IFAs, saying it is taking longer than expected to link insurance products.

Analysis, p14

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