BBY stumps IRESS’ half-year profit
IRESS' Australia and New Zealand segment saw flat profit for the six months to 30 June 2015, when compared with the previous corresponding period, because of the BBY insolvency.
According to IRESS' half-year results report, the segment's profit in the first half reflects the "one-off negative impacts" in IRESS' financial markets business of the voluntary administration and liquidation of BBY.
IRESS chief executive Andrew Walsh said "our financial markets business remains highly resilient in the context of external structural challenges and two unexpected client developments".
"As previously disclosed, the Australian result was negatively impacted by the voluntary administration and liquidation of BBY Limited. In addition, during the period CIMB Securities withdrew from the Australian market," he said.
Meanwhile, the segment's operating revenue in Australasia was up 5 per cent from the six months to 30 June 2014. The group's statutory net profit after tax was $28.5 million, down 5 per cent from the corresponding period.
Further, group revenue came in at $173.2 million, up 1.8 per cent from last year, while interim dividend stood at 16.0 cents per share, "franked to 50 per cent at a 30 per cent corporate tax rate", the report said.
"Momentum in wealth management remains strong as a range of financial services businesses continue to seek broad, quality solutions in response to changing customer demand and regulatory requirements. Australian wealth management performed strongly, and significant growth was delivered in South Africa," Mr Walsh said.
IRESS' wealth management business in the UK is experiencing increasing demand, he added, where customer growth is focused on technology.
"With this demand, sales and implementation mirrors the nature of larger projects and opportunities, and current operational activity is ahead of the flow through of revenue," he said.
Further, "the weakening of the Australian dollar relative to pounds sterling also contributed positively to the result".
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