Misys General Insurance reported an operating profit of £14m for the year ended 31 May 2004, up from the £13m reported for the previous year.
Misys said its financial systems business achieved a particularly strong order intake and record levels of EDI transactions during the year.
Misys General Insurance chief executive Phillip Bell said the year had seen heavy investment in its Microsoft-based commercial module, OASys Commercial, as well as the roll-out of its electronic point-of-sale data capture and full-cycle EDI trading for its premium finance offering.
Bell said: “These are extremely positive results for Misys General Insurance, particularly as the market consolidates and other software houses have not achieved the growth that they had anticipated. We, however, continue to grow and win the battle for market share."
But Misys group reported a sharp fall in pre-tax profits with group turnover falling from £1.04bn in 2003, down to £900m for 2004.
Pre-tax profit fell from £61m to £23m for the year ended 31 May 2004.
Executive chairman Kevin Lomax said: “We cannot consider these financial results as satisfactory.
“They reflect a difficult first half of the year, which we commented on in January. The second half performance was however much stronger, reflecting the benefits of major investment in our product portfolio and other strategic initiatives."
Commenting on the performance of Misys General Insurance, Lomax said: “Misys General Insurance is advantageously positioned for long-term success.”
He added: “The business performed strongly in the year. We continued to broaden our customer offering by launching new products and services and this led to increased levels of order intake and a record operating profit for the period.”
