Iress unveils business efficiency program, narrows FY26 guidance
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The news: Financial software provider Iress has announced a business efficiency program to "permanently increase margins". The group has also narrowed its full-year guidance range.
The numbers: Iress said the business efficiency program follows the divestment of six non-core businesses over the past two years. The program targets a sustainable cash EBITDA margin of 25% by the end of FY26, compared with an expected 19% cash EBITDA margin for FY25.
Iress also confirmed its FY25 guidance, with adjusted EBITDA expected to be in the range of $128 million to $132 million, and underlying profit after tax of $67-71 million.
The group previously guided full-year adjusted EBITDA $127-135 million and underlying profit after tax of $65-73 million.
The context: Iress — whose new managing director and CEO Andrew Russell commences on 17 November — said it "continues to engage with multiple parties in order to ascertain whether there is a strategic proposal which could be recommended by the Iress board." The company previously said it is in ongoing talks with US investing giants Blackstone and Thoma Bravo, among others, over a potential buyout.
The source: ASX
