Feeds

iSoft shuffles board as shares continue to fall

Market update fails to cheer markets

Secure remote control for conventional and virtual desktops

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. ®

Intelligent flash storage arrays

More from The Register

next story
Scrapping the Human Rights Act: What about privacy and freedom of expression?
Justice minister's attack to destroy ability to challenge state
DVLA website GOES TITSUP on day paper car tax discs retire
Welcome to GOV.UK - digital by de ... FAULT
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Hey Brit taxpayers. You just spent £4m on Central London ‘innovation playground’
Catapult me a Mojito, I feel an Digital Innovation coming on
EU probes Google’s Android omerta again: Talk now, or else
Spill those Android secrets, or we’ll fine you
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
EU to accuse Ireland of giving Apple an overly peachy tax deal – report
Probe expected to say single-digit rate was unlawful
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
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.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
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.