Wealth management technology provider IRESS has posted an underlying group profit of $71.4 million for the year ending 31 December 2014.
In a statement to the ASX, IRESS reported its full year profit was up 27.7 per cent on the previous year’s result of $55.9 million.
IRESS pointed out its results was positively influenced by the full-period contribution of its UK operations following its acquisition of UK-based technology provider Avelo Financial Services in September 2013.
“For the 12 months to 31 December 2014, 45 per cent of revenue was from outside Australasia (2013: 32 per cent), and 25 per cent of segment profit was from outside Australasia (2013: 10 per cent).
“Globally, our wealth management business continues to experience strong demand and growth and our financial markets result is positive in the context of ongoing pressures in the equity broking community,” a statement from IRESS said.
The software provider also said its operating revenue in Australasia was up 6.0 per cent with an increase in segment profit of 5.2 per cent due to focusing on implementing its Xplan software in large wealth managers.
“We are well positioned for the opportunities in Australia and New Zealand and to provide value to new and existing clients as the landscape continues to evolve through regulation and the requirements of end consumers,” IRESS chief executive Andrew Walsh said.
“Our core focus remains anticipating the opportunities and challenges faced by clients, across equity markets and financial advice.
“We are focused on strengthening and developing our solutions to maintain and grow our strong position in Australia and New Zealand,” he said.