Iress back in black, lifts guidance

Financial planning software provider, Iress has upgraded its guidance after a solid first half underpinned by asset sales and is looking to reinstate a final dividend for FY24.

The company recorded a net profit after tax of $17.281 million, representing a 112.4% improvement over the prior corresponding period.

Commenting on the result, Iress chief executive officer and managing director, Marcus Price said the company was executing well on its transformation initiatives nad is on track to complete the program in the second half, with benefits being realised well ahead of schedule.

“Along with disciplined capital management we are now seeing revenue growth and have upgraded our FY24 Adjusted EBITDA guidance to $126 million – $132 million post the sale of UK Mortgages,” he said noting that this represents a 9% improvement on the previous guidance provided in May,

“Through the sale of non-strategic assets, including our UK Mortgages early in the second half, we have considerably strengthened our balance sheet,” Price said.

“Pleasingly, we now plan to reinstate a final dividend for FY24.

The ASX report said Iress had become a stronger and more streamlined business with improved financial returns.