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IRESS Limited today announced its results for the six months to 30 June 2016.

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.

Highlights included:

  • Group revenue was $194.3 million, up 3% on 2H15(1) and 12% on 1H15
  • On a constant currency basis(2) group revenue increased 8% on 2H15 and 14% on 1H15
  • Group Segment Profit was $63.1 million, up 2% on 2H15 and 10% on 1H15
  • On a constant currency basis group Segment Profit increased 6% on 2H15 and 11% on 1H15
  • Group NPAT of $32.7 million, up 22% on 2H15 and 15% on 1H15
  • Strong demand for IRESS suite of products continues globally
  • Positive contribution to earnings from Proquote and Pulse acquisitions
  • Interim dividend of 16.0 cents per share, 60% franked (1H15: 16.0 cents per share, 50% franked) 

(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.

 

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