Misys faces FTSE expulsion

NEWS UK software and services group Misys faces the threat of relegation from the FTSE 100 index after its shares dropped 28 per cent after a profit warning yesterday. Announcing its full year results, which reached the lower end of expectations, the company admitted sales in its banking and securities division would fall during the next six months. The company plans to cut jobs within the division and rationalise the service and support processes for older products to compensate for the shortfall. The group's financial services and internet services divisions showed stronger performances. Profits were up 52 per cent and 44 per cent respectively on the previous year, largely due to acquisitions.