Iress Ltd
ASX:IRE
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Iress Ltd
IRESS Ltd. is a technology company, which provides software to the financial services industry. The company is headquartered in Melbourne, Victoria and currently employs 2,224 full-time employees. The company went IPO on 2000-11-03. Its segments include APAC, United Kingdom(UK) & Europe, Mortgages, South Africa, and North America. APAC segment provides market data, trading, compliance, order management, portfolio systems and related tools to financial markets participants in Australia, New Zealand, and Asia. UK & Europe segment provides information, trading, compliance, order management, portfolio systems and related tools to cash equity participants, and the wealth management business. Mortgages segment operates in the United Kingdom to provide mortgage origination software and associated consulting services to banks. North America Provides information, trading, compliance, order management, portfolio systems and related tools to financial markets and wealth management participants in Canada.
IRESS Ltd. is a technology company, which provides software to the financial services industry. The company is headquartered in Melbourne, Victoria and currently employs 2,224 full-time employees. The company went IPO on 2000-11-03. Its segments include APAC, United Kingdom(UK) & Europe, Mortgages, South Africa, and North America. APAC segment provides market data, trading, compliance, order management, portfolio systems and related tools to financial markets participants in Australia, New Zealand, and Asia. UK & Europe segment provides information, trading, compliance, order management, portfolio systems and related tools to cash equity participants, and the wealth management business. Mortgages segment operates in the United Kingdom to provide mortgage origination software and associated consulting services to banks. North America Provides information, trading, compliance, order management, portfolio systems and related tools to financial markets and wealth management participants in Canada.
Solid Results: Iress reported first half revenue and segment profit both up 6%, with over 90% of revenue recurring.
Strong Earnings Growth: Underlying NPAT increased by 29% and underlying EPS rose by 32%, benefiting from a share buyback.
Cash Generation: Free cash flow for the half was $41 million, up 30%, with a 93% cash conversion.
Guidance Update: Full-year 2022 segment profit guidance of $177–183 million affirmed, but now expected at the lower end due to higher fund registry investment and slower UK retail wealth growth.
Pricing Power: Iress implemented a 6% price increase in Australia, with little resistance from clients.
Superannuation Momentum: Recurring revenue in superannuation grew 17%, with two large new client opportunities in advanced discussions.
UK Mixed Performance: UK mortgages and private wealth grew strongly, but UK retail wealth saw a 10% drop in recurring revenue due to client business changes.
CEO Transition: Andrew Walsh to step down as CEO in October, with Marcus to take over and lead toward 2025 targets.
