Iress wealth management drives strong result
Financial services platform provider Iress Market Technology has turned in a strong result, reporting a group profit of $25.5 million underpinned by exceptionally strong growth within its wealth management division.
Iress managing director Peter Dunai said the wealth management software division had been transformed by acquisition and organic growth into a major component of the group and the leading provider in Australia, New Zealand and South Africa.
The company said that acquisition of the VisiPlan and Spotlight businesses in the first half had transformed the wealth management division into a major part of the group contributing on an annualised basis nearly 30 per cent of revenue and 23 per cent of earnings before interest and tax.
It said that the results in the second half had demonstrated a pleasing retention of revenue from both acquisitions and a slightly higher than expected EBITDA margin than originally flagged.
“In Australia and New Zealand, the combination of our own rapidly growing Xplan business with first PlanTech in late 2006 and then Visi in April, has made Iress the leading provider of software to wealth management advisers by a significant margin,” the company said.
Looking over the horizon, the company said that 2008 would be primarily a year of consolidating the acquisitions with a focus on re-affirming a common service structure for all clients, facilitating conversions to web-based Xplan in line with demand.
AUTHOR
Mike Taylor
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