Misys IFA float goes on hold

SOFTWARE maker Misys said today it was postponing the flotation of its independent financial advice business because of uncertainties over plans for a new regulatory regime.

Chairman Kevin Lomax said he was forced to put off any float of the Sesame division, whose sales continue to slide, beyond the targeted second half of 2004.

'While it is still our firm intention to go ahead with the float, the Financial Services Authority is a year behind announcing its plans, making it impossible for us to move ahead for now.' Any trade sale would also be hampered, he added.

His comments coincided with release of Misys's full-year results to 31 May which showed sales from the IFA division slipping from £452m to £438m.

Misys managed to beat analysts' expectations. Group pre-tax profits after exceptionals and goodwill write-downs were £59.8m, £25m more than a year ago.