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Another excellent financial year
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The year ended 30 April 2003 continued the track record of excellent performance by iSOFT Group plc. |
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Our shareholders have come to expect strong strategic, operational and financial performance from the business, and I am pleased to announce that we have delivered against each of these expectations.
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Contained in this Annual Report is an impressive account of the strength of the iSOFT business evidenced by the significant growth in sales, profits, cash generation and earnings per share.
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It is particularly satisfying to report that the excellent financial performance was the result of successful sales activity and delivery across all the geographies that we target with our innovative software applications for healthcare delivery organisations.
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A winning strategy
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iSOFT Group plc was listed on the London Stock Exchange in July 2000 with a clearly defined business strategy.
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Our consistent focus has been on the
development of world class software application
systems, which address fully the administrative
and clinical information management requirements
of healthcare provider organisations.
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| In modern healthcare economies the rate of change in information
system requirements has been dramatic and dynamic. Governments
are responding to the needs of clinicians by investing to make
information available at the point of care through the deployment
of new software applications, broadband networks and mobile computing
devices. |
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| We have stuck to our strategy resolutely because of our confidence
that it represents a close fit with developments in our markets
and the requirements of our customers. As healthcare looks to
adopt best practice from other sectors of the economy, the move
towards disseminating information through the Application Service
Provider (ASP) model will become more apparent. iSOFT is well
positioned for this development as we target our expertise towards
producing application content for the larger service organisations
intending ASP offerings. |
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| We look forward with enthusiasm and are confident that our
strategy will continue to serve us well and deliver value for
our shareholders and customers. |
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iSOFT – an integrated business
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| In the year ended 30 April 2003, we again delivered strong
organic growth, an important and constant feature of our business.
Acquisitions have been selective and shrewd. |
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The primary rationale for acquisition
in the iSOFT business model is to obtain
direct access to an enlarged customer
base for our compelling software application
suite. |
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| The logic in this approach means that we can integrate acquired
businesses quickly under a single strategy and a unified product
portfolio. |
| In our last Annual Report I was able to announce the acquisition
of the healthcare systems business interests of Northgate Information
Solutions plc. I am pleased to confirm that the process of integration
is now complete and the combined skills of an enlarged workforce
has ensured strong, successful trading in the acquired customer
base. During the year we also acquired Revive Group Limited, the
leading United Kingdom exponent of e-booking solutions. |
| Acquisitions will continue to be a feature of our business
model but they will be limited to few, highly selective, examples
that are consistent with our focus on being the leading application
content provider in our chosen markets. |
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