British financial software vendor Misys PLC — reporting Thursday that its profit almost tripled in the fiscal year ended on May 31 — said that its financial turnaround is ahead of expectations.
Mike Lawrie, the chief executive of the London company, said in a press release, "Our performance over the last 12 months shows that we are ahead in executing our strategy, delivering improvements for our customers, and achieving good results in demanding conditions."
He cited cost reductions, divestitures, and product and service development.
The company said its operating profit grew 179%, to $103 million, compared to the 2007 fiscal year, on revenue growth of 5%, to $976 million.
Misys sells software and services for banking, capital markets, and health-care companies.