IRESS results at ‘higher end’ of expected range
Multinational fintech firm IRESS has reported solid performance for the 2017 calendar year, which the company has attributed to increased business and revenue in the second half.
In a statement to the ASX, the company reported group revenue for the year ending 31 December 2017 was up 10 per cent on the 2016-17 financial year.
IRESS chief executive Andrew Walsh said the company’s result was achieved off the back of a strong finish to the year.
“Our financial results for 2017 are at the higher end of the range of the revised guidance provided to the market in November 2017,” he said.
“We experienced increased business and revenue momentum in the second half, realising the benefit of the investments made in the prior periods. In particular, second-half revenue increased 3 per cent over the first half, with second half segment profit up 11 per cent over the first half.”
Operating revenue for the business’ ANZ wealth management arm grew 7 per cent on the previous year, the statement said, adding that revenue increased 33 per cent on the previous year when “including the impact of the 2016 acquisition” of Financial Synergy.
The company added that it expects this performance to continue “based on the current sales and project pipeline and timing”.
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