Remuneration model changes drops Iress NPAT

iress/NPAT/

23 August 2019
| By Jassmyn |
image
image image
expand image

Iress has reported a net profit after tax reduction of five per cent for H119, after the adoption of the new lease accounting standard, the QuantHouse acquisition, and increased share-based payments following changes to remuneration models in recent years.

In an announcement to the Australian Securities Exchange (ASX) Iress said its group operating revenue increased five per cent to $241.8 billion and segment profit increased 10 per cent to $74.1 million on the previous corresponding period (PCP).

Its APAC operating revenue was up three per cent to $128.2 million, the announcement said.

“Revenue growth was driven by underlying performance in Australia, the UK, South Africa, and the acquisition of market data business QuantHouse,” it said.

Iress chief executive, Andrew Walsh, said: “Our clients are particularly focused on data capabilities and automation as they seek to meet significant change in the regulatory and operating environment, drive business growth, and enhance their customer experience.”

The firm said it expected to report a segment profit growth in 2019 of between six to 11 per cent ($146 million to $153 million).

“Beyond 2019, we expect a continuation of significant industry change and a climate of economic and structural uncertainty,” it said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 1 week ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 6 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

3 weeks 2 days ago

ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay....

3 days 21 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5