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.
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