IRESS reports positive 2018
IRESS has reported strong positive results for the year to 31 December 2018, and, following the implementation of the new accounting standards, expects profits to rise six to 11 per cent ($146 million to $153 million) this year on a constant 2018 currency basis.
In a statement to the Australian Securities Exchange, IRESS reported group operating revenue stood at $464.6 million, which is an eight per cent increase on 2017 (six per cent on a constant currency basis).
It also reported its net profit after tax was $64.1 million, which is an increase of seven per cent on 2017.
The ANZ Wealth Management segment directly contributed $100.7 million with an operating revenue of $136.4 million, which is an increase of seven and nine per cent respectively on the prior year.
IRESS chief executive, Andrew Walsh, said the fintech’s strong financial results reflected its continued focus on sustainable growth and scale. He said the results in the UK, which delivered seven per cent growth alone, and Australia were particularly pleasing.
“In the United Kingdom, revenue growth was stronger in the second half with good progress on a number of key client projects,” said Walsh. “In Australia, we experienced continued growth in demand for our wealth, superannuation and data solutions with our trading and market data solutions continuing to be a resilient and important part of our business.”
Final dividends were at 30 cents per share, 40 per cent franked (46 cents full year dividend).
Recommended for you
Single adviser-led firms continue to expand their footprint in the Australian advice ecosystem, Adviser Ratings research shows, as market conditions prove favourable for boutique practices.
With HNW investors representing the largest market for alternative assets, Praemium and CoreData research underscores why this presents a compelling opportunity for advisers.
Having completed the successful integration of Diverger, Count has upgraded its forecast for expected synergy benefits achieved by the acquisition by a third.
Australia’s largest licensee has seen the biggest number of adviser losses over the past week, while the expected wave of new entrants has boosted overall adviser numbers.
