Iress deputy CEO Harry Mitchell exits

Iress deputy chief executive, Harry Mitchell is leaving the company in circumstances where a recent review of the company’s leadership structure determined his role was no longer required.

Iress announced Mitchell’s departure at the same time as release its half-year results in which it said its transformation program is now complete while announcing a statutory net profit after tax (NPAT) of $17.3 million which was in line with the prior period.

It said this was on the back of a 3.1% decline in first half revenue to $299.5 million and a 3.9% decline in EBITDA to $64.4 million.

The Board declared an interim 2025 dividend of 11 cents per share 50% franked.

The company on Friday confirmed media speculation that it had received potential acquisition interest from Blackstone.

The narrative accompanying the half-year result said that the successful completion of the company’s transformation program had allowed it to reset and refocus the business, positioning it for long-term value creation.

Iress managing director and chief executive, Marcus Price pointed to solid revenue growth in the firm’s Global Trading and Market Data business and continuing positive momentum in its UK wealth business.

“We have further strengthened our balance sheet following the sale of our Superannuation business, and the planned divestment of QauntHouse remains on track for completion in the second half.

“As we enter the next phase of our growth strategy, Iress is well placed to capitalise on global growth opportunities, leveraging our core capabilities while selectively investing in new trading and wealth technologies,” Price said.

“We see significant opportunities in emerging cloud and AI technologies to enhance trading experiences and expand Iress’ wealth tech suite to meet the needs of millions of people around the world who don’t have access to the financial advice they need,” he said.

The company reaffirmed its guidance of FY25 Adjusted EBITDA in the range of $127 million to $135 million and underlying net profit after tax in the range of $65 million to $73 million.