Shares in software company Misys were up on the FTSE 250 in afternoon trading after the group reported a rise in adjusted operating profit of 26 per cent to £148 million in the year ended 31 May.
The group said its order intake rose 27 per cent, while reported revenue increased 13 per cent to £782 million. Misys also said that it had eliminated its net debt, which stood at £129 million at the end of May 2009.
In addition the group said that it had managed to generate a billion dollars through the disposal of its majority stake in Allscripts, which it would be returning to its shareholders.
Mike Lawrie, Chief Executive of Misys, said, "We have been working hard over recent years to transform Misys. The Company started to execute against its five year turnaround plan in 2007. We have substantially invested in developing and launching new leading-edge solutions and services to better meet the evolving needs of our customers. We have made significant progress in all our objectives: customer satisfaction continues to improve; our revenues have almost doubled; operating profit has significantly grown; and our net debt has been reduced to zero. These actions have now positioned us for leadership.
"The merger of our healthcare business with Allscripts in 2008 created the leader in US physician office healthcare IT and was extraordinarily successful. Now the proposed merger between Allscripts and Eclipsys will create a leader in end to end solutions across all healthcare settings. As we sell our controlling stake to enable the merger, Misys shareholders will receive an unprecedented return of capital expected to be approximately $1billion. We have invested in our people, solutions, processes and partnerships and we continue to innovate.
"We now have an opportunity to create a leader in Financial Services. Our new solutions portfolio is well placed to help financial institutions as the industry prepares for growth once more. We have the right team in place, world class partnerships and improved customer satisfaction, allow us the right to address new solutions to our customers. We have an opportunity to participate in the fundamental re-engineering of the global financial services sector. Our future looks very exciting."
By 15:53 shares in Misys were up 4.52 per cent to 261.50 pence per share.