IRESS Australia posts $25.8 million half-year profit
The Australian financial markets and wealth management arms of IRESS have posted a profit after tax of $18.2 million and $7.6 million for the first half of 2012, respectively.
The financial markets division profit is down 4 per cent on the previous result, and the wealth management result is up 10 per cent compared to the first six months of 2011.
Operating revenue for the Australian financial markets is down 1 per cent to $54.5 million, while operating revenue for the wealth management division is up 2 per cent to $26.1 million.
The average headcount for both Australian divisions was steady - up 1 per cent for financial markets and up 2 per cent for wealth management.
A statement by IRESS said that reforms and repositioning within the wealth management segment "continue to drive demand for technology-based efficiencies and the compliance and oversight capability offered by XPLAN".
"We have continued to work with our clients strategically as part of organic technology initiatives and projects, including the transition from our own and competitor desktop-based products to XPLAN.
"This also reflects the broad increase in demand for cloud-based advice technology and mobile capability available from IRESS," the statement said.
The entire company's underlying group profit (including operations in Canada, the UK, Asia and South Africa) was $27.8 million for the half year to 30 June 2012 - down 7.4 per cent on the prior corresponding period.
Recommended for you
In this week’s episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford discuss a busy week of announcements from ASIC, with submissions to its public and private markets paper made (mostly) public.
In this week’s episode of Relative Return Insider, AMP chief economist Shane Oliver joins the show to unpack Australia’s underwhelming March quarter GDP figures and what they signal for the Reserve Bank’s next move.
The latest episode of Relative Return sees host Laura Dew chat with Brian Jones, founder of outsourcing company VA Platinum, on why choosing to outsource certain functions of your business can enable you to be efficient and productive.
In this episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford are joined by Money Management editor Laura Dew to discuss learnings from JP Morgan’s recent conference in London, and what top fund managers and analysts see driving market behaviour.
