KINDLE Banking Systems, formerly ACT Banking Systems and ACT Kindle Software, paid a dividend of £13 million to its British parent Misys last year, according to accounts lodged with the Companies Office.

The dividend payment to Misys, which took over the computer software company in April 1995, was made up of the profits for the 14 months to the end of May 1995 and company reserves. Kindle produces software for the banking sector and employs 400 people.

The company generated pre-tax profits of £7.5 million for the 14-month period, according to the latest accounts.

Profits increased by just over 5 per cent when the latest results are adjusted for a 12-month period. Turnover jumped by 47 per cent to £23.5 million in strong markets while operating profit rose by 3 per cent on an annualised basis. However, in a note to the accounts the directors state that adjustments to accounting policies following the takeover of the company by the British company Misys reduced operating profits by £3.7 million. Adjustments for these accounting changes show that the companies operating profit margin improved to 45.3 per cent from 42.4 per cent in the previous period.

A breakdown of turnover shows that initial licence fees contributed £9.1 million, recurring licence fees generated just over £6 million while modifications and other work added £8.4 million.

Details of the Kindle accounts are included in the latest edition of Private Research. The accounts show that five directors shared remuneration of £799,975.

Misys acquired Kindle as part of its £210 million purchase of the publicly-quoted ACT group.