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UK growth sees Iress profits grow

UK growth sees Iress profits grow

Financial technology business Iress has seen its revenues and profits increase on the back of strong growth in its UK arm.

The Australian company said it had made progress with several key clients in the UK during the second half of 2018.

Iress posted a group segment profit of AUS$137.7m (£75m), up 10 per cent on 2017.

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In the UK Iress is known for its wealth management back office software XPlan. Its technology is used by companies such as Tilney and Lifesearch.

In its results for 2018, the company posted a group revenue of AUS$464.6m (£252.8m), up 8 per cent on the previous year, while its UK revenue was £66.7m, up 7 per cent on 2017.

The company's chief executive, Andrew Walsh, said: "Iress’s 2018 financial result demonstrates our continued focus on sustainable revenue growth and scale. The results in the United Kingdom and Australia were particularly pleasing.

"In the United Kingdom, revenue growth was stronger in the second half with good progress on a number of key client projects.

"Iress remains well-placed for continued success in a changing financial services industry, where strong demand remains for a broad range of standalone and integrated technology solutions."

Iress also provides a mortgage sales and originations software called MSO which is used by lenders such as Nationwide, Atom Bank, Yorkshire Building Society and Coventry Building Society.

The company said it had seen "continued momentum" in this area, with the successful completion of a second UK lending project for a "leading UK retail bank" and work underway for a number of new clients.

Operating revenue from this part of the business grew by 15 per cent to £16.1m during 2018.