Revenue for Misys' financial services business is down 16 per cent from £233 to 195 interim results for the six months to November 2003 indicate.
The company believes continued weakness in the market served by IFAs is to blame. It also says demand for network services has been undermined by adverse conditions in the market for long-term savings, insurance and investment markets, blaming “uncertainty in the regulatory environment” Across the group revenues for Misys were down 10 per cent to £471m.
The release of Misys' results also show adjusted operating profit is also down 22 per cent to £48m.
Misys executive chairman Kevin Lomax says: “While these results were disappointing we have made good progress across the group in developing our products, strengthening our business and repositioning our portfolio.”