Mortgage News
IRESS profits up on ‘strong demand’ from UK advisers
Australian technology business IRESS has reported an upswing in underlying profits of 27.7% after its UK operations benefited from a “strong demand” from advisers and wealth managers, the group has said.
IRESS reported underlying group profits of $A71.4m for the 12 months to 31 December, up from $55.9m in 2013.
The group, which acquired UK technology firm Avelo in 2013, said it had benefited from the firm’s contribution, which accounted for 32% of its $A329m group revenue.
IRESS’ main focus throughout the year had been on integrating Avelo while implementing “several large wealth projects”.
The firm said it will continue to invest in its private wealth solutions business over the coming year given the “strong market interest”.
Chief executive officer Andrew Walsh said: “The 2014 full-year result reflects IRESS’ long-term focus on strong client-focused support and service, reliable, differentiated solutions, and a strategy to diversify its business and achieve positions of scale.
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“IRESS’ presence in the UK across capital markets, wealth management and lending, forms an important part of IRESS’ global operations. It is also a sound strategic platform for growth in the United Kingdom and regionally, through organic and inorganic opportunities.”