Feeds

iSoft shares up on news of six month loss

Losing £14.3m better than £300m or so

Providing a secure and efficient Helpdesk

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." ®

Security for virtualized datacentres

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Special pleading against mass surveillance won't help anyone
Protecting journalists alone won't protect their sources
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Apple's iPhone 6 first-day sales are MEANINGLESS, mutters analyst
Big weekend queues only represent fruity firm's supply
Radio hams can encrypt, in emergencies, says Ofcom
Consultation promises new spectrum and hints at relaxed licence conditions
Bill Gates, drugs and the internet: Top 10 Larry Ellison quotes
'I certainly never expected to become rich ... this is surreal'
Big Content Australia just blew a big hole in its credibility
AHEDA's research on average content prices did not expose methodology, so appears less than rigourous
EMC, HP blockbuster 'merger' shocker comes a cropper
Stand down, FTC... you can put your feet up for a bit
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
The next step in data security
With recent increased privacy concerns and computers becoming more powerful, the chance of hackers being able to crack smaller-sized RSA keys increases.