Financial software provider IRESS has posted a reduced first half profit of $29.5 million, pulled down by currency movements and costs associated with the acquisition of Financial Synergy.
IRESS’ net profit for the first half of calendar 2017 was $29.5 million, down 10 per cent compared with the $32.75 million profit of the prior corresponding period.
Explaining the dip, the company cited: “the impact of non-recurring items, movements in currency, amortisation charges on recently acquired businesses and movements in interest and tax charges”.
During September last year, InvestorDaily reported on IRESS’ acquisition of superannuation software provider Financial Synergy.
According to a statement about the half yearly results, the acquisition of Financial Synergy was a reflection of “underlying strength and contribution” to IRESS’ Asia-Pacific operating revenue and direct contribution which grew by 11 per cent and 7 per cent in the previous half.
“We continue to see strong opportunity in wealth management reflecting our position and ongoing investment,” IRESS chief executive Andrew Walsh said.
“Based on the current sales and project pipeline and timing, IRESS expects continued strong results for wealth management in 2017.”
While net profit had dropped since the corresponding period last year, IRESS was up 10 per cent in the previous half ending 31 December 2016.