British healthcare and banking software group Misys revealed a 39 per cent rise in annual profit, but admitted the big money making opportunities created by the millennium may be over.
Pre-tax profit rose to £124 million for its financial year ending 31 May - up from £89 million from the same period in 1988, meeting analysts expectations of a figure between £118 million to £130 million.
Revenue climbed by 30 per cent to £582 million from £448 million. Adjusted earnings per share rose from 13.3p to 16.7p.
The good results came with a warning from Chairman Kevin Lomax that there will be "a potentially slower period" as business fuelled by the millennium disappears. Misys' banking and securities division - which accounts for about 60 per cent of group revenues and 70 per cent of group profits - has been reaping business from financial institutions demanding millennium compliant systems.
After Year 2000, Lomax is confident that revenue streams will spring from Misys' new Internet service, due to start in early 2000. The two online financial services will get a cash injection of around £50 million although are not expected to generate profit for a good few years.
The first, a Personal Financial Services (PFS) consumer facing Internet portal, is aimed at helping consumers make choices about life assurance, pensions and investment products. An Independent Financial Adviser (IFA) facing portal will provide value added services to help IFAs with advice to their own customers.
Tony Picardi, senior vice president of global software for IDC, said: "Nobody's making any money out of portals. However, the business is projected to grow and will pay-off for a number of folk, but why should it for a startup?"
"There is so much out there already, but the financial advice may be good for people who are clueless," he added.
Lomax said that government initiatives encouraging individuals to take more responsibility for their long term financial planning means there is, "a growing demand for quality, independent professional advice."
Lomax intends to extend the service throughout Europe following the UK launch.
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