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IRESS records $38m profit

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By Reporter
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2 minute read

Wealth management technology provider IRESS, the company behind the financial planning software Xplan, has generated a group profit of $38.2 million for the six months to 30 June 2014.

IRESS chief executive Andrew Walsh said the 47.9 per cent rise in profit demonstrated that IRESS continues to progress well with its strategy to diversify its earnings with scaled business operations. 

“The result was positively impacted by the full period contribution by the UK, with net revenue for the group increasing 61.5 per cent in Australian dollars and segment profit up 44.9 per cent,” said Mr Walsh.

“The success of this strategy over time has underpinned resilient, recurring revenue.”

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Mr Walsh said the wealth management business also had a positive impact on results, seeing further diversification in terms of geography and business which helped increase revenue by 128.8 per cent up to $75.3 million for the period.

“Underlying performance in our wealth management business remains very strong, and with results positively impacted by the contribution from the UK over the whole period,” he said.

“Regulatory change in recent years has stimulated direct and related investment by advice and wealth management businesses in systems automation, supervision, and retail client engagement.”

Mr Walsh said IRESS continues to see opportunities that will benefit from both the company’s experience and integrated product suite.

“This includes current and prospective clients looking to take advantage of structural change and dislocation within the wealth management and advice landscape,” he said.

“We anticipate ongoing regulatory and strategic stimulus for technology in each market globally.”

 

IRESS records $38m profit

Wealth management technology provider IRESS, the company behind the financial planning software Xplan, has generated a group profit of $38.2 million for the six months to 30 June 2014.

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