IRESS chief executive, Andrew Walsh, said: “Our financial results for 2017 are at the higher end of the range of the revised guidance provided to the market in November 2017. We experienced increased business and revenue momentum in the second half, realising the benefit of investments made in prior periods. In particular, second half revenue increased 3% over the first half, with second half segment profit up 11% over the first half.
“We are delivering on our strategy of providing integrated, market-leading products, with critical milestones achieved to existing and new clients.”
During the half IRESS achieved a number of business highlights, including:
APAC Financial Markets
ANZ Wealth Management
Product and Technology
On a constant currency basis, product and technology costs have increased from $98.4m to $111.8m from 2016, remaining at 25% of revenue. The increase is heavily influenced by 2016 acquisitions, remuneration and headcount increases that reflect investment in people and products. Excluding
acquisitions, Product & Technology costs increased by 7% from 2016.
On a constant currency basis, operational costs increased from $34.2m to $39.4m from 2016 due to the impact of 2016 acquisitions, headcount and wage increases. Excluding acquisitions, operational costs were up 3% on 2016. Operational costs remain constant at 9% of revenue.
On a constant currency basis, corporate costs increased from $28.2m in 2016 to $33.8m in 2017, reflecting the impact of acquisition of Financial Synergy and INET, increased headcount and wage increases, and one-off costs associated with a series of internal global people conferences. Excluding acquisitions and people conference costs, corporate costs were up 11%. Corporate costs increased by 1% to 8% of revenue.
ASX Media Release – 22 February 2018, Australia
Chief Executive Officer
Telephone: +61 2 8273 7000
Chief Financial Officer
Telephone: +61 3 9018 5800
Group Executive - Communications & Marketing
Telephone: +61 468 963 068
(1) Constant currency basis assumes 2017 results are converted at the average foreign exchange rates used for 2016. This allows comparison of group operating performance in Australian dollars before the impact of changes in Australian currency rates.
(2) IRESS considers inter-period comparability of results is best presented as the underlying operating results of the relevant businesses calculated excluding share-based payments, non-recurring items and foreign exchange impact of the revaluation of cash balances.
IRESS acquires international market data provider QuantHouse.
Neobank Volt adopts IRESS software MSO to digitally process mortgages.
IRESS Limited announced statutory net profit for the 12 months to 31 December 2018 of $64.1 million, up 7% over the prior year.
ASX-listed financial technology business IRESS is set to become the first Australian company to offer paid leave for employees with children starting primary school.
George Vidinis has been appointed the role of Head of Institutional Broking & Online.
IRESS Open will make it simpler and easier for clients to enable third-party applications to integrate to XPLAN.
IRESS releases automated personal advice solution and announces implementation with WA Super.
The new client portal, available now through XPLAN, provides a contemporary, simple to use, front-end solution for businesses to engage their clients in a range of services digitally.
IRESS Limited reports 2018 half year results - top line growth, positive operating leverage, deliver +13% Segment Profit on pcp.
Xinja, first to use IRESS' Mortgage Sales and Origination (MSO) home loan platform in Australian market.
Our new initiative, IRESS Labs, means more users will be able to input directly into the design and development process and use future functionality in advance of general release.
Integrating data analytics solution Lumen with XPLAN means licensees can more quickly and easily identify actual and potential scenarios where advice standards are not being complied with.