Misys Life and Pensions lost around 13% of its Registered Individuals and saw a fall in revenue for ...
Misys Life and Pensions lost around 13% of its Registered Individuals and saw a fall in revenue for the year ending May 31st because of "adverse market conditions", says the latest trading statement from the financial services and healthcare technology firm.
Although full results of the company's trading position for 2002/203 are not due until 17th July, Misys did at least reveal this afternoon that its Sesame UK financial services division, much like the rest of the group, has lost revenue compared with last year.
There is not indication at this stage when network members might hear more news about the floatation of Sesame UK as a separate entity.
Restated statistics do, however, indicate that the life and pensions division's operating profit - pre goodwill and exceptional items - increased by 60% compared with the same time last year when profits reached £10.4m.
Once exceptional items and post goodwill is removed, the newly-named Sesame UK division made £2.8m for the first half of 2003, compared with losses in the H1 2001/02 of £3.4m.
Misys argues revenue has fallen because members of the network are not recruiting new blood under current market conditions when they might usually do so.
Similarly, changes to the regulatory regime and the arrival has encouraged some of the older members to retire because reduced revenue potential is beginning to bite, suggests Misys, so its member figures are estimated to be around 6,000.
But there have been some positive changes, says the technology firm, as improved revenue streams in the general insurance sector and changes in the business elsewhere helped to boost revenue where it has fallen elsewhere in the investment and pensions market.
It is also the first year that DBS has been a full member of the group, but news from IFAonline's sister publication, Mortgage Solutions, today indicates that the group will merge both the Misys and DBS division later this year to create the Sesame Mortgage arm.
To find out more about changes to DBS and Misys, click on the related story link - "DBS and Misys create mortgage arm" - on the right.
Duo start roles on 1 October
Where true value lies
Economy to thrive despite global risks
Behaviours, animals or something else?