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.
New functionality will automate the process of obtaining whole of market rates, enabling annuity providers to present the comparison of rates needed to meet the new requirements.
IRESS today announces it has updated its Whole of Life Service on The Exchange, the award winning comparison quote and transaction portal.
Aegon is the latest provider to offer partially underwritten quotes through The Exchange.
Two new protection products from Canada Life are to be made available to intermediaries exclusively through The Exchange
The Exeter will be making its new bespoke life insurance plan, Managed Life, available through The Exchange.
The 2017 Intermediary Mortgage Survey findings are revealed
Our 2016 full year results are out. Read the full report and commentary from our CEO Andrew Walsh.
TSB will roll out our latest generation mortgage technology to its intermediary channel this summer.
IRESS has launched its latest Retirement Report.
IRESS has successfully implemented its Mortgage Sales and Originations (MSO) solution for Atom Bank's first mortgage proposition.
IRESS announces significant enhancement to its online portal, The Exchange, with the addition of new protection underwriting capability.
IRESS has reached a major milestone under a long-term strategic partnership which delivers a fully integrated wealth management solution for Tilney Bestinvest.