Feeds

iSoft shares up on news of six month loss

Losing £14.3m better than £300m or so

Combat fraud and increase customer satisfaction

iSoft, the troubled and much investigated medical software provider, has delivered on its promises of widening losses for the six months ending October 31.

The company has reported a pre-tax loss of £14.3m for the period, compared to a profit of £8m for the same period a year ago. This still seems tiny compared to the £343.8m loss it reported for the 2005-2006 financial year. This massive deficit was largely due to the company changing the way its stated its accounts, incurring a massive goodwill impairment.

The company said that sales dropped 11 per cent in the period to October 31, with revenues reaching £85.9m. But job cuts cost money, which took iSoft back into the red, overall.

iSoft is supposed to be playing a central role in the world's largest public sector IT project - the ever-popular National Programme for IT (NPfIT) to transform technology use in the NHS.

But to everyone's surprise, the mammoth government IT project has been hit by delays. There has also been much debate over iSoft's contract. Consulting firm Accenture recently withdrew from the NPfIT, blaming iSoft for some of the delays.

Meanwhile, the company is being investigated by the Financial Services Authority for possible "irregularities" in its accounts for 2003 to 2005.

Still, shares were up 14 per cent on the latest financials, suggesting investors are pleased with the company's performance. The company has funding until the end of 2007, and says it is stil talking to investors about a possible sale.

"We have made significant advances since the middle of 2006," said iSoft chairman and CEO, John Weston. "We have still to put long-term financing in place but iSoft is today in considerably better shape than it was a few months ago." ®

3 Big data security analytics techniques

More from The Register

next story
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
Sorry London, Europe's top tech city is Munich
New 'Atlas of ICT Activity' finds innovation isn't happening at Silicon Roundabout
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
prev story

Whitepapers

Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
SANS - Survey on application security programs
In this whitepaper learn about the state of application security programs and practices of 488 surveyed respondents, and discover how mature and effective these programs are.