Misys targets £700m IFAs flotation

12 April 2012

SOFTWARE group Misys plans to float off its independent financial advisers business within two years on hopes that equity markets will rally in the meantime. The flotation could be worth up to £700m, analysts predicted today.

A year ago Misys shelled out £77m for DBS Management, a UK network of independent financial advisers. More than 7000 IFAs are on the Misys-owned network that also includes Countrywide, Financial Options, IFA Network and Kestrel.

Meanwhile, the group plans to expand its information distribution system to include a broader range of solutions to the life and pensions industry.

Today it said that pretax profits in the year to May 2002 had fallen to £112 million from £136 million last time. Shareholders are to get a 15% increase in their final dividend of 3.09p. Revenues went above £1 billion for the first time since Misys was founded.

Chairman and founder Kevin Lomax revealed a series of board changes, though his own position remains. On the float plans Lomax said: 'The strategic initiatives under way reflect our continued commitment to build our IFA businesses to an even stronger position in the future.î

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