Iress targets 30/40% super software market share
Iress has signalled the degree to which its future lays beyond its flagship Xplan offering, detailing the extent of its play into the superannuation space.
In a strategy update released to the Australian Securities Exchange (ASX), Iress managing director and chief executive, Marcus Price pointed to the firm’s objective to achieve 30% to 40% superannuation software market share over the next three to four years – an increase of 10%.
At the same time as the Federal Government signals its intention to further empower superannuation funds to deliver financial advice, the Iress update pointed to the company having already successfully migrated the first of the Commonwealth Superannuation Corporation onto the Acurity platform as well as its win from the merger of CareSuper and Spirit Super.
More broadly, Iress used its strategy update to lift its guidance to the ASX, forecasting underlying EBITDA of $135 million to $145 million for FY24, up from its previous guidance of $124 million to $134 million.
Price said the improved guidance was a result of having accelerated cost benefits and bringing forward transformation improvements.
“Our improved FY23 guidance announced today shows we are on the right path,” he said.
We still have work to do but we remain on track to conclude our transformation program by the end of next year with benefits to continue into FY25 and beyond.