Iress shares jump on first-half earnings lift
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More news: Shares in Iress lifted nearly 7% to $9.64 after the financial services software group flagged a jump in first-half earnings.
The company expects first-half adjusted earnings to rise about 50% from a year ago to between $65 million and $67 million, thanks to cost discipline, revenue being in line with expectations and materially higher earnings from its core wealth, and trading and Market data businesses.
Iress flags jump in first-half earnings
The news: Financial services software group Iress has flagged a jump in first-half earnings on the back of improved performance in its core wealth, and trading and market data businesses.
The numbers: Iress expects first-half adjusted earnings to rise about 50% from a year ago to between $65 million and $67 million. The results will be announced on 19 August.
The context: Iress partly attributed the gains to cost control and revenue being in line with expectations. It said earnings from the wealth, and trading and market data businesses are expected to be materially higher year-on-year, while UK wealth has continued to perform well under its strengthened leadership.
Meanwhile, the company has also made good progress on asset sales, with the divestment of its platforms business in April and Pulse portfolio management software in May. The sale of its UK mortgages business is also expected to complete by 1 August.
What they said: "Net proceeds of all divestments have been used to retire debt, strengthening the balance sheet and paving the way for a return to maintainable dividends," it told the ASX.
The source: ASX announcement
