IRESS’ solid performance propped by wealth management
Technology provider IRESS has released solid half yearly results backed by strong performance in wealth management business.
Iress announced a 47.9 per cent revenue increase in the six month period to 30 June 2014, up from last year's half yearly results and accumulated an underlying group profit of $38.2 million.
The solid results have been credited to a strong performance in the wealth management business, predominantly from their UK division.
"Highlights included continued performance by our wealth management business and the positive impact on our results of further diversification in geography and business segment.
"Underlying performance in our wealth management business remains very strong, and with results positively impacted by the contribution from the UK over the whole period", said IRESS chief executive officer Andrew Walsh.
Walsh also highlights the company's Australasian division performance as another key contributor to the positive results with operating revenue in Australasia up 6.3 per cent, and an increase in segment profit of 8.0 per cent.
"The continued strength of our Australasian business reflects IRESS' ongoing focus on this market and it being an important component of IRESS' growth strategy and initiatives across the group" said Walsh.
AUTHOR
Priya Prakash
Recommended for you
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
Private market secondaries manager Coller Capital has unveiled a new education platform to improve advisers’ and investors’ understanding of secondaries.
