IRESS reports profit in first half
IRESS Market Technology has performed well in the financial crisis despite financial planners cancelling software services, reporting a profit of $20.7 million and $17.5 million in the first and second quarter of 2009. Its revenue rose by 7.1 per cent during the first half year.
Managing director Peter Dunai said despite the high number of cancellations in the first quarter of 2009 as clients trimmed costs and downsized, the flow through to IRESS' wealth management division was moderate.
The negative roll-in from reduced first-half revenue together with a flat outlook would produce a slight revenue decline and flat earnings in the second half of the year, Dunai said.
Revenue for the Australian wealth management division was up by 4 per cent compared to the second half of 2008, due to effective cost management. The revenue for the financial markets division contracted slightly in the first few months of the year due to cancellations as clients downsized, but there has been some revenue growth since March, the results said.
Recommended for you
Join us for a special episode of Relative Return Unplugged as hosts Maja Garaca Djurdjevic and Keith Ford are joined by shadow financial services minister Luke Howarth to discuss the Coalition’s goals for financial advice.
In this special episode of Relative Return Unplugged, we are sharing a discussion between Momentum Media’s Steve Kuper, Major General (Ret’d) Marcus Thompson and AMP chief economist Shane Oliver on the latest economic data and what it means for Australia’s economy and national security.
In this episode of Relative Return Unplugged, co-hosts Maja Garaca Djurdjevic and Keith Ford break down some of the legislation that passed during the government’s last-minute guillotine motion, including the measures to restructure the Reserve Bank into a two-board system.
In this episode of Relative Return Unplugged, co-hosts Maja Garaca Djurdjevic and Keith Ford are joined by Money Management editor Laura Dew to dissect some of the submissions that industry stakeholders have made to the Senate’s Dixon Advisory inquiry.
