Software and banking group Misys believes growth in Asia will protect it from economic uncertainty in the UK and US.

Shares in the group rose 6% in early trading after reporting a 47% rise in half-year pre-tax profit to £31 million. By 10.15am, the stock had slipped into the red with a 2% drop to 167p.

Like-for-like revenue rose 3% to £230 million, ahead of the £228 million consensus forecast from analysts.

'Despite global economic uncertainty we have to date seen no material change in the buying patterns of our target customers and remain confident that we will achieve results for the full year in line with expectations,' the company said in a statement.

Analysts said the results were slightly better than expected but were divided over whether Misys, which makes around 60% of its revenues from its banking and treasury and capital markets divisions, can continue its recovery given the bleak economic outlook.

'The turnaround story is developing rapidly and we cannot see evidence of a credit-led slowdown in demand for IT among banks,' said Seymour Pierce analyst Derek Brown.

Landsbanki analyst Kevin Ashton was more sceptical about Misys' prospects. 'There may be some relief on the back of the continued optimistic outlook, however, we still do not feel (Misys') full-year 2008 are secure in the current environment and see no reason to change our reduce recommendation,' he said.