This transformation consisted of the six non-strategic assets sold for $271 million, including superannuation which was completed in May 2025 and European data business QuantHouse which is expected to be completed in the third quarter of 2025.
It also sold its managed fund administration (MFA) business to SS&C Technologies in August 2023 for $52 million. In February 2024, it announced it would sell its platform business to Praemium, and it divested its UK mortgages business to Bain Capital Tech Opportunities LP for $167 million.
With the transformation complete, deputy CEO Harry Mitchell – who had been working on the transformation of the UK company – will leave the business.
In its results for the first half of 2025, statutory NPAT was unchanged from the prior corresponding period at $17.3 million, while revenue was $299 million, down 3 per cent from $309 million from the pcp, thanks to the impact of divested assets.
On a continuing business basis, revenue increased 6.8 per cent to $249 million from ongoing improvement in the UK business as well as stronger performance from the Global Trading and Market Data business during the period.
Marcus Price, chief executive, said: “The successful completion of our transformation program has allowed us to reset and refocus the business, positioning us for long-term value creation. We have further strengthened our balance sheet following the sale of our Superannuation business, and the planned divestment of QuantHouse remains on track for completion in the second half.”
In terms of business development, it said it has progressed a new wealth technology offering for the unadvised, strengthens strategic partnerships to accelerate innovation and continued development of a retirement income solution.
It also views the changes under Delivering Better Financial Outcomes (DBFO) regulation to allow more consumers to access advice, which will be a tailwind for the business as well the intergenerational wealth transfer. With 12 million unadvised customers in Australia and 25 million worldwide, it is expanding its wealth suite with digital superannuation advice, AI supported guidance, and self-directed advice tools.
For the second half of 2025, Iress said it will continue to invest for growth through strategic investment in its core businesses as well as accelerate initiatives to capture new revenue streams in data and AI through expanded partnerships, underpinned by a continued focus on enhancing customer experience.
“As we enter the next phase of our growth strategy, Iress is well-placed to capitalise on global growth opportunities, leveraging our core capabilities while selectively investing in new trading and wealth technologies. We see significant opportunities in emerging cloud and AI technologies to enhance trading experiences and expand Iress’ wealth tech suite to meet the needs of the millions of people around the world who don’t have access to the financial advice they need.”
