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iSoft shuffles board as shares continue to fall

Market update fails to cheer markets

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iSoft shares continued to fall yesterday despite a supposedly reassuring update from the health provider.

The company, at the centre of the UK's National Programme for IT, said some had misunderstood its earlier update: an update which it has already had to clarify when it was interpreted as criticism of the government and of key partner CSC.

The statement to the Australian Stock Exchange said the relationship with CSC remains strong and the successful "go-live" of the Lorenzo project in Morecambe Bay was a significant achievement.

iSoft also said that although it has still to finalise orders for the financial year 2010, revenue from this project is likely to be between 15 per cent and 20 per cent of totals for the year. It expects the rest of its revenues to be slightly ahead of forecasts and expects significant growth in 2011 and thereafter.

iSoft said it was not in breach of any bank covenants but admitted it believed "some resetting of covenants will be required". The firm blamed cashflow and currency movements for this - it hopes to have new covenants in place within a few months.

The company has also reshuffled its board - Gary Cohen stands down from his job as executive chairman to concentrate on his job as chief exec. Robert Moran is non-exec chairman - Moran is MD of iSoft's largest shareholder Oceania Capital Partners Ltd.

Dr Jim Fox, appointed deputy chairman of iSoft 28 May, is leaving the company. ®

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