IRESS wealth management revenue shows uptick
IRESS’ Australia and New Zealand segment saw a slight increase in revenue from its wealth management business for the six months ending 30 June 2016.
According to IRESS’ first half-yearly results, wealth management revenue increased 5 per cent on the previous half.
Compared with the prior corresponding period, it increased by 12 per cent.
“Half on half revenue growth was driven by broad client activity, including significant projects, some of which are scheduled to launch in the second half of 2016,” a statement from the firm said.
“Based on current project pipeline and timing, IRESS expects continued strong results for wealth management in 2016.”
IRESS’ overall statutory net profit for the six months to 30 June 2016 was $32.7 million, up 22 per cent on the prior half and up 15 per cent on the previous corresponding period.
Overall, operating revenue increased to $194.3 million, up 8 per cent half-on-half and 14 per cent on the previous corresponding period, while overall segment profit was $63.1 million, an increase of 6 per cent on the prior half and 11 per cent on the previous corresponding period.
“Our core businesses have performed well in the first half of 2016," IRESS chief executive Andrew Walsh said.
“We continue to experience strong levels of demand for IRESS solutions, particularly in Australia, the United Kingdom and South Africa.”
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