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.

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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).

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