Misys, the UK-based software firm, has borne the brunt of the downturn in financial markets and has reported a 22% fall in half-year profits for the six months to November.

The firm, which makes software for financial institutions and the healthcare sector, reported profits of £48m (€69.5m), down from £62m for the same period in 2002. Adjusted profits in the banking and securities sector were £17m, down 34.6%, and profits in the financial services sector were down 23.5% to £13m.