Statutory net profit for the six months to 30 June 2016 of $32.7 million, up 22% over the prior half (six months to 31 December 2015) and up 15% over the previous corresponding period (six months to 30 June 2015).
Operating revenue increased to $194.3 million. On a constant currency basis, this is an increase of 8% on the prior half and 14% on the previous corresponding period.
Segment Profit, a measure of IRESS’ core underlying performance, was $63.1 million. On a constant currency basis, this is an increase of 6% on the prior half and 11% over the previous corresponding period.
IRESS Chief Executive Officer, Andrew Walsh, said: “Our core businesses have performed well in the first half of 2016. We continue to experience strong levels of demand for IRESS solutions particularly in Australia, the United Kingdom and South Africa”.
The integrations of recently acquired businesses in the United Kingdom, Proquote and Pulse, are progressing well and both businesses contributed positively to the first half result. The ability to offer integrated products to new and existing customers is presenting revenue opportunities in the United Kingdom.
The reported results of South Africa and the United Kingdom were negatively impacted by foreign exchange movements during the half.
IRESS remains focused on providing leading technology solutions to its clients and the delivery of long-term, sustainable revenue and Segment Profit growth. Based on current expectations around timing of client projects, strong revenue growth and solid profit growth (in constant currency) is anticipated in 2016.
(1) A better understanding of the performance of IRESS is provided by comparing current results to both the most recent prior half (2H15) as well the prior corresponding period (1H15).
(2) Constant currency basis assumes 1H15 and 1H16 results are converted at the average foreign exchange rate used for 2H15. This allows comparison of group operating performance in Australian Dollars before the impact of changes in foreign currency rates. Refer page 5 for the full group result.
Specialist investment manager Acorn Capital has selected the IRESS Portfolio System (IPS) as it seeks greater efficiencies.
Financial technology provider IRESS has announced the appointment of Emily Chen in a new senior product executive role with responsibility for key strategic product initiatives.
Financial technology provider IRESS and ITG, a leading agency broker and financial technology firm, today announced a faster and more comprehensive analysis of trading costs for mutual clients.
Financial technology provider IRESS has announced that Stephen Mackley, Managing Director of Superannuation, will retire at the end of September 2017. Jeff Hall, currently General Manager of Consulting, Superannuation, has been appointed to the role.
Just two months out from the introduction of new superannuation laws, administrators and financial advisers should now be in the final stages of preparation.
IRESS’ advice and wealth management platform XPLAN has been named the number one Australian financial planning software by research house Investment Trends for the tenth consecutive year.
IRESS predicts a continued increase in its product and technology investment as it meets growing client demand in Australia and internationally.
IRESS Limited announced statutory net profit for the 12 months to 31 December 2016 of $59.5 million, up 7% over the prior year.
Comments by InvestmentLink that the fintech industry is failing to meet the holistic needs of the financial advice industry are out-of-step with reality, IRESS chief executive Andrew Walsh says.
IRESS appoints new Group Executive – Communications & Marketing
Succession of Chief Technology Officer. Andrew Todd announced as new CTO. David Walker assumes new role of Chief Architect
IRESS today announced it has entered into an agreement to acquire Financial Synergy, a leading and established provider of software to the Australian superannuation industry.