Iress posts loss but promises better times ahead
Financial planning software provider, Iress has acknowledged a challenging year as it reported a 100% decline in net profit after tax to a loss of $137.5 million.
The significant profit decline came despite the company lifting revenue by 2% to $625.7 million, however it pointed to early signs of recovery in 2024.
The company is leaving its dividend policy on pause “pending further deleveraging”.
Commenting on the result, Iress chief executive Marcus Price said that while 2023 had been a challenging year, the company had delivered on the commitments it had made at its Investor Day in April and was driving improved performance through its transformation program.
“Our balance sheet is strengthening, with the sale of MFA and future asset divestments in 2024 being used to retire debt,” he said.
“Today also marks the beginning of our transition to clearer financial reporting, with fully cost allocated business units and a shift underway toards simplified profit measures,” the ASX announcement said.
The company headlined its Australian Securities Exchange announcement by acknowledging the challenging year but pointing to its transformation program progressing well and with a 16% improvement in underlying second half earnings.
Seems like some old chooks have found the henhouse again, but found the shed partly occupied by some new cute chicks and the occasional rooster from far away, only to discover that demand for oversized eggs has halved. Rigidity of attitude to the needs of remaining advisers, small and large, together with non-competitive costings, could cause even further strife in that henhouse
…is that like an Albanese promise?