Via: The Guardian

IT group Misys is leading the FTSE 250 fallers after disappointing half year results and news of further cost cutting.

The company - whose products are used in the struggling banking and financial sector - said revenues grew 22% to £197m but this was below expectations, as was a 9% drop in operating profits to £30m. Misys said financial institutions in western Europe had been delaying purchase decisions - no big surprise in the current financial crisis. But it was picking up new customers in Asia, the middle east, Africa and eastern Europe.

During the period out customers took longer over their purchase decisions as financial market conditions deteriorated.

Given the continuing uncertainty among our customers we have put in place contingency plans to eliminate £6m to £8m of operating costs to support our financial results over the rest of the financial year without impacting our product development investments or sales capacity.

- Mike Lawrie, Misys, CEO