IRESS UK makes £28.9m

Mortgage Introducer

August 20, 2015

On a global basis the Australian software company made £86.6m over the six month period.

The group said the uneven nature of Enterprise Lending revenue makes inter-period comparability of financial results more accurate when they are excluded.

Enterprise Lending’s operating revenue bounced back by 82.5% from the last six months of 2014, although it was still down 28.6% compared to the first six months of 2014.

Andrew Walsh, chief executive officer IRESS, said: “The UK is an important strategic market for IRESS and we are making pleasing progress. We are investing heavily in our UK business for our clients, both in terms of people and solutions, and we expect to continue to see the benefit from this, particularly over the medium and long term.

“We have a strong pipeline, and expect this trend to continue for the foreseeable future. Increased regulation and the need for scale has increased consolidation of advice firms and technology is increasingly at the centre of advisory businesses. We have continued to invest in growing our capacity in wealth management as a result.

“The Enterprise Lending business has achieved pleasing strategic goals following the re-positioning of this business from being wholly-services based to one that is more scalable. Over time, this allows us to increase the range of clients we can provide this solution to.”

Last week IRESS announced a strategic partnership with start-up ‘all-digital bank’ Atom.

Walsh added: “Atom will be the first IRESS client to implement the latest version of IRESS’ Mortgage Sales and Origination solution. We are also well advanced with discussions with other prospects and have a good pipeline of quality opportunities.”

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