Kindle aids Misys group profit surge

Strong growth achieved by Kindle Banking Systems in Dublin contributed to surging profits at the Misys computer software group where interim pretax profits soared 83 per cent to £59 million on revenue up 62 per cent at £288 million. The main banking and securities division taking in Kindle lifted its operating profits by 69 per cent to £46 million on sales up 40 per cent at £158 million.

Growth was fuelled by the need for banks to ensure that their internal IT systems were Year 2000 compliant and to upgrade their systems to cope with the introduction of the euro. Although revenues from Year 2000 projects will clearly decline, Misys is confident that banks will continue to increase their IT spending aimed at reducing costs and increasing revenues. Kindle, employing 350 people in Dublin and 150 elsewhere, achieved particularly strong growth in Africa and the Middle East through provision of "anywhere" banking facilities for customers accompanied by centralisation of account management activities.

Key Kindle deals signed in recent months include contracts with Agribank in Namibia, Time Bank in Zimbabwe, National Bank of Ethiopia, Bank Melli in Dubai, Union Bank of Savings and Bank Al Moghtareb in Lebanon.

Elsewhere, Kindle has recently landed a prestige contract to deliver a new centralised banking solution for People's Bank in Sri Lanka, the largest retail bank in the country. This followed a major contract to install a new centralised banking solution across the branch network of BISE Bank in Poland.