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iSoft forced to slash costs

Troubled NHS software supplier iSoft has been forced to go to its banks to ask for more favourable borrowing terms, and to draw up plans for a "significant reduction in costs", which could include job losses.

The move follows a string of negative trading updates by the company over the last few weeks.

iSoft’s software package Lorenzo, which the company is due to roll out across two thirds of England’s hospitals, was installed this month at a large NHS trust six years after the first of many deadlines was missed.

The following day, however, the company issued a profits warning telling shareholders the latest milestone payment had been delayed.

The setback meant about half of its A$100 million (£58 million) operating profits for 2010 are delayed.

The company now anticipates much lower revenues going forward, the company said in a statement, suggesting that any new deal between Computer Sciences Corporation, the consultancy responsible for installing Lorenzo, and the Department of Health, would see a greatly reduced introduction of the software.

 

 

 

 

Posted on: 16/06/2010

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