IRESS reports 10 per cent revenue growth
IRESS has reported a 10 per cent growth in revenue for full year to $430 million, driven by the positive contribution to earnings from Financial Synergy and INET BFA acquisitions, while the group’s net profit after tax (NPAT) stood at $59.8 million, up one per cent on FY16.
The final dividend was 28 cents per share, 60 per cent franked, while total 2017 dividends stood at 44 cents per share and was in line with 2016.
IRESS’ chief executive, Andrew Walsh, said that the financial results for 2017 were at the higher end of the range of the revised guidance to the market in November 2017.
“We experienced increased business and revenue momentum in the second half, realising the benefit of investments made in prior periods,” he said.
“In particular, second half revenue increased three per cent over the first half, with second half segment profit up 11 per cent over the first half.”
The company also said it would expect growth weighted to the second half and a decline in segment profit in 1H18, impacted by lower bonus provisions in 2H17 not repeated in 2H18.
Furthermore, the segment profit growth would be in the range of three to seven per cent.
However, one-off costs relating to integration, infrastructure investments in scaling our capability and restructuring would be expected to stay in line with 2017 levels, it said.
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