Misys escapes credit crunch

Trading update predicts steady year-on-year growth

The credit crunch has hit many financial services hard

Misys, the leading UK supplier of banking technology, is predicting steady single-digit growth across all divisions despite the uncertainties of the global credit crunch.

"We continue to monitor the situation aggressively but to date the global market issues have not materially impacted our business," said chief executive Mike Lawrie in a trading update.

Technology firms serving the banking market are particularly vulnerable to financial problems in the sector. And last month UBS analysts downgraded Misys from 'neutral' to 'sell' following concerns that financial firms were reviewing IT budgets.

But the supplier says its banking unit has been protected due to increasing recurring revenue streams and a growing customer base in Asia, Africa and the Middle East.