Remuneration model changes drops Iress NPAT
Iress has reported a net profit after tax reduction of five per cent for H119, after the adoption of the new lease accounting standard, the QuantHouse acquisition, and increased share-based payments following changes to remuneration models in recent years.
In an announcement to the Australian Securities Exchange (ASX) Iress said its group operating revenue increased five per cent to $241.8 billion and segment profit increased 10 per cent to $74.1 million on the previous corresponding period (PCP).
Its APAC operating revenue was up three per cent to $128.2 million, the announcement said.
“Revenue growth was driven by underlying performance in Australia, the UK, South Africa, and the acquisition of market data business QuantHouse,” it said.
Iress chief executive, Andrew Walsh, said: “Our clients are particularly focused on data capabilities and automation as they seek to meet significant change in the regulatory and operating environment, drive business growth, and enhance their customer experience.”
The firm said it expected to report a segment profit growth in 2019 of between six to 11 per cent ($146 million to $153 million).
“Beyond 2019, we expect a continuation of significant industry change and a climate of economic and structural uncertainty,” it said.
Recommended for you
Lonsec and SQM Research have highlighted manager selection as a crucial risk for financial advisers when it comes to private market investments, particularly due to the clear performance dispersion.
Macquarie Asset Management has indicated its desire to commit the fast-growing wealth business in Australia by divesting part of its public investment business to Japanese investment bank Nomura.
Australia’s “sophisticated” financial services industry is a magnet for offshore fund managers, according to a global firm.
The latest Morningstar asset manager survey believes ETF providers are likely to retain the market share they have gained from active managers.
