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Iress eyes DFM growth to boost profits

Arrows hit target.Australian technology provider Iress has seen increases in both revenue and profits for 2018, with 7 per cent overall driven by its UK business.

Iress is known predominantly for its back office system software Xplan. Iress technology is currently used by a wide range of advisers including planning and discretionary fund management firm Charles Stanley, national IFA Chase de Vere, Tilney and Lifesearch.

In 2018 results posted today, Iress reported a group revenue of AUD$464.6m (£252.8m), up 8 per cent on 2017.

The UK business saw operating revenues of £66.7m for 2018 up 7 per cent on last year along with direct contributions of £43.9m, up 11 per cent from 2017.

Speaking to Money Marketing, Iress UK managing director Simon Badley said key client projects in the second half of 2018 had helped push up revenues.

He says: “We saw real success last year with some of our largest clients in the wealth and lending spaces and in the second half of the year particularly where we had a big ramp up in revenue because we got some of our key projects over the line.”

Iress UK is set to work with a number of new clients this year expanding on existing retail banking and lending projects.

Badley says Iress UK will also focus closely on its work with DFM clients.

He says: “The growth opportunities in the DFM space are huge for us and we work with a lot of them. We can see a number of challenges to the value chain and the use of different options around insourcing and outsourcing investment capability so we are looking specifically to build stronger integration with third party platforms.

“We are working closely with a number of clients to try and get to a point where the ecosystem is so well integrated that it feels like one thing and clients don’t have to juggle between different systems or operating models, they can do most if not all of their platform changes through Xplan directly.”

Given the domestic focus of its UK clients, Iress says it expects little tangible impact from Brexit.

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