Our expectations of the Group's overall performance in the current financial year have not changed since the preliminary results announcement that we made in July.

Within Banking and Securities we continue to see evidence of increased levels of activity in our target markets.  Notwithstanding this, the outlook for banks' IT spending is unclear and will remain so at least until budgets for 2004 are set over the next few months.  Accordingly, it is still too early to predict the timing of an upturn in the banking software markets and we are not planning for a return to more buoyant conditions during this financial year.  Banks continue to bear down on the costs of professional services and this, as we said in July, will have a significant impact on our results in the first half of the current year.  We expect the trading performance of the division as a whole to make solid progress in the current year although this progress will be deferred to the second half as a result of the near term decline in professional services.

Across the Healthcare Division's markets demand remains good.  We continue to see a shift in spending towards clinical systems where we have strong solutions in both the physician and hospital sectors.  Accordingly, we expect the division to make good progress in its underlying financial performance.  As we highlighted in July, the Division's performance reported in sterling would be affected by further depreciation of the US dollar exchange rate during the year.

The General Insurance business has continued to deliver a strong performance, which we expect to be maintained throughout the rest of the year.  Conditions in the UK Financial Services market remain difficult and, as anticipated in July, the decline in the number of registered individuals within the network has continued.  The outlook for Sesame remains unchanged and we are confident that Sesame has a sound business model and that the decline in member numbers will be reversed.  Overall, our outlook for the Division as a whole is unchanged for the year in that the financial performance will be somewhat below that achieved last year.

In summary, we see market conditions are broadly unchanged from July, and we continue to expect the Group to make further progress in the current financial year, albeit that progress is likely to be weighted towards the second half.

Lisa J Newman
Head of Communications
Misys plc
Tel: +44 (0)207 368 2315
Mob: 07909 895095

Analyst Enquiries:

Andrew Farmer
Head of Investor Relations
Misys plc
Tel: +44 (0)207 368 2300