Iress reports 9% decline in NPAT but OneVue a key focus
Iress has reported a 9% decline in net profit after tax (NPAT) but the OneVue integration is a key focus for 2021 as it looks to grow funds registry by value and funds.
Releasing its 2020 full-year results to the Australian Securities Exchange (ASX), the firm said reported revenue increased by 8% but reported NPAT was down 9%.
The full year 2020 dividend was 46.0 cents per share, franked to 38% on an average weighted basis.
The firm also appointed Roger Sharp as its new chair following the retirement of current chair Tony D’Aloisio after eight years on the board.
Integration of OneVue, which it acquired in November, was underway and this would enable the firm to provide investment advice from Xplan. The integration was one of the firm’s key focuses for 2021 to grow funds registry by value and provide investment infrastructure-as-a-service (IaaS).
“Our Australian business continues to deliver growth with consistently high returns. We made good progress executing our growth strategies including turning QuantHouse to profitability on a monthly basis and in providing Australian super funds with a highly efficient, outsourced administration solution.”
However, the firm’s progress in the UK was delayed with revenue excluding 2020 acquisitions down 3% due to the COVID-19 pandemic which impacted the timing of key client projects.
AUTHOR
Laura Dew
Recommended for you
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
Those large AFSLs are among the groups experiencing the most adviser growth, indicating they are ready to expand following a period of transition and stabilisation after the Hayne royal commission.
The industry can expect to see more partnerships in the retirement income space in the future, enabling firms to progress their innovation, according to a panel.
