Financial services software provider GBST has posted a $6.9 million half-year net profit for the half-year ending 31 December 2014.
In a statement from the software provider, GBST reported a half-year profit increase of 58 per cent from its $4.4 million profit from the previous corresponding period.
Commenting on the results GBST managing director Stephen Lake said its growth stemmed from strong sales in international markets which exceeded Australian sales for the first time.
“We have invested significantly to improve the scalability and flexibility of our software platforms, while broadening our global sales network across Australia, Asia, Europe and North America,” Mr Lake said.
“We are working hard to capitalise on our industry-leading technologies and are particularly pleased that our wealth management division secured a record number of new international projects despite an increasingly competitive market.
“Our recent aim has been to secure new pensions business in the UK, where regulatory change is opening opportunities and GBST Composer supports five of the leading pension providers,” he said.
Mr Lake said the company’s Australian operations are still the “bedrock” of the business, experiencing an increase in revenue across both capital markets and wealth management sectors.
"This was a good result in difficult trading conditions," he said.
"[Also] strong progress is being made on our first migration of GBST Syn~ to replace GBST Shares' back- and middle-office operations for a leading international bank.
“This landmark project will establish a precedent for transformation from Australian to Asian regional solutions,” he said.
Former CEO of ING Direct Vaughn Richtor will assume the role of chairman at MyState following the retirement of Miles Hampton, the compan...