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iSoft Group Ltd (ASX:ISF) has recorded a loss of $383 million compared to a profit the year before.

For the year to 30 June, the health information technology company recorded revenue fell 20 per cent to $431 million, While EBITDA was down 77 per cent to $30 million.

Chairman Robert Moran says the result is a disappointing one, affected by a difficult economic environment, negative currency impact and delays in the implementation of a UK National Programme for IT.

Mr Moran says the board has commenced a review and will target achieving operational cost savings of $50 million to be achieved by the end of June next year and working on its product portfolio and business development.

iSoft has also announced that CEO Gary Cohen will step aside from his role and the company has begun the search for a new CEO.

iSoft Group reported a profit of $35.09 million for the year to 30 Jun 2009.