Iress reaffirms upgraded full-year guidance
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The news: Financial services software group Iress has reaffirmed its full-year earnings guidance following recent divestments.
The numbers: The company said on Friday it expects full-year earnings towards the top end of its upgraded FY24 guidance of $126 million to $132 million.
It had also flagged the reinstatement of full-year dividends after swinging back to profit in the first half of the fiscal year .
The context: Iress managing director Marcus Price said the company’s transformation program had delivered the expected benefits and earnings improvement.
The company divested its UK mortgage sales and originations business to private equity firm Bain Capital earlier this year. It had previously divested the managed funds administration (MFA), platform and OneVue businesses as part of its strategy to cut down debt and focus on core areas in wealth, superannuation and trading and market data.
What they said: “With this momentum and the foundations for growth now in place, we are well placed to enter 2025 as a financially and strategically stronger, more streamlined business with dividends to be reinstated,” Price said.
The source: ASX announcement
