By John Oates, 25 January 2002 08:47
NEWS Shares in Misys, the British software group, rose four per cent yesterday after it predicted an early end to the economic downturn. Keith Lomax, chairman of Misys, predicted sales would recover during the second half of the year. He believes the banking sector will start spending first. "We will see banks increasing their budgets again this year. But I suspect they will be looking for reassurance before they sign the cheques, so that is likely to be towards the end of the year," Lomax told the Financial Times. Turnover for Misys Group was £480m, up from £413m for the same period last year. Pre-tax profits for the six months ended November 30 were down sharply at £2.3m compared to £37.4m for the same period last year. It's been a good week for the company, having announced a $17.6m medical software deal yesterday and a £26m insurance portal contract on Tuesday.
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