IRESS results see boost from UK contribution

IRESS Limited today announced underlying group profit of $A36.3 million (£20.3m) for the six months to 30 June 2014, up 39.0% on the prior corresponding period.

Related topics:  Mortgages
Amy Loddington
21st August 2014
Mortgages

Chief Executive Officer, Andrew Walsh, said the result, one year on since the acquisition of Avelo, was positively impacted by a full period UK contribution, with net revenue for the group increasing 61.5% (AUD) and Segment Profit up 44.9% (AUD).

He said:

“In the UK, we have continued to make progress on delivering to our strategy following the acquisition integration. We are pleased with the opportunities presented both in the United Kingdom and regionally for IRESS’ integrated product suite and solutions.”

IRESS’ operations in the UK represent a material contribution to the group result and an important regional platform from which to grow through organic and inorganic opportunities. In the half, the United Kingdom represented approximately 35% of group operating revenue and 24% of group segment profit in Australian dollars.

Mr Walsh commented: “Our strategy to leverage experience, scale and the IRESS product suite is proving a strength in the UK as wealth management participants respond to regulatory and structural changes. We are confident we have laid strong groundwork in the UK for continued success in this market.”

“IRESS plays a leading role in the UK lending market with 25% of mortgages transacted on our Mortgage Sourcing & Originating platform, and our mortgage sourcing system is used for 65% of all intermediated mortgages in the market. Our investment and strategy for the Mortgage Sourcing & Originating platform, a highly differentiated and leading solution, is progressing very well with clients positively engaged.”

“Overall, this result shows IRESS’ integrated product suite and ongoing product investment continue to provide opportunity for cost efficiency and additional value for clients. Our scale and unique capability spanning capital markets, wealth and lending means IRESS is well placed to capitalise on changes in client segments and geographies as opportunities arise.”

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