Iress records jump in profit on the back of acquisitions.
Iress Market Technology has recorded a jump in net profit after tax (NPAT) despite difficult market conditions.
The listed financial planning software provider registered a NPAT on an adjusted basis of $39 million on revenue before interest income of $134.5 million for the full year to December 2007.
This represents NPAT growth of 31.6 per cent and sales growth of 44 per cent on the previous year.
Iress' wealth management business also delivered strong results with an after tax profit on an adjusted basis of $7.9 million on the back of acquisitions.
"In 2008 it will be primarily a year of consolidating the acquisitions with a focus on re-affirming a common service structure for all clients, facilitating conversations to web-based Xplan in line with demand, and aligning central architecture across products for consistency and developmental efficiency," Iress managing director Peter Dunai said.
"A number of initiatives such as CommPay, AppCentral and others will be rolled out across the client base and we are confident of achieving organic growth from the many existing clients while competing successfully for new business."
In July last year Iress purchased South African-based financial planning software company, Spotlight Interactive for the expected sum of $8.4 million.
Spotlight Interactive joins Iress' software stable including Xplan, Plan Tech and VisiPlan.
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