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IRESS profit up 7% in 2016

By Reporter
3 minute read

Financial services software company IRESS has recorded a net profit of $59.5 million for the 2016 calendar year.

Profit for the year ending 31 December 2016 was up 7 per cent on the previous 12 months, the company said, with operating revenue up 8 per cent to $389.7 million.

IRESS chief executive officer Andrew Walsh said the firm was “particularly pleased” with the firm’s performance in Australia, the United Kingdom and South Africa.

“The integrations of businesses acquired during 2016 in South Africa and Australia (INET BFA and Financial Synergy respectively) are progressing well and both businesses contributed positively to the result. These acquisitions are providing new and scaled opportunities for IRESS in broader segments,” he said.


Mr Walsh did however note that movements in foreign exchange rates had affected some of the company’s results.

“The reported results of South Africa and the United Kingdom were negatively impacted by foreign exchange movements during 2016,” he said.

“Aside from the impact of the weakening British pound, IRESS’ revenue has not been impacted by the United Kingdom’s decision in 2016 to leave the European Union.”

Additionally, the company’s net debt balance decreased throughout the year as well, falling from $184.9 million at the end of 2015 to $154.9 million at the end of 2016.

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