Iress unveils 2019 financial results

Jessica Nangle

February 20, 2020

Iress’ operating revenue was up 8% whilst segment profit was up 10% on 2018 according to its latest financial results.

Andrew Walsh, chief executive at Iress, said: “Our 2019 results highlight the continuing demand for our software and services, as financial services businesses turn to Iress seeking expertise in transitioning to more efficient, data-driven ways of working.

“In the UK, revenue growth was stronger in the second half, with the continued rollout of Xplan to advice  businesses and the take up of our private wealth software by two large investment managers.

“We also saw strong momentum in our mortgages business, which was not reflected in the 2019 result.

“Iress remains well-placed for continued success in financial services technology, where we see strong  demand for our software across a broad range of clients.”

In Iress’ mortgage business, there are three clients now live with four further deployments underway.

There was an operating revenue of £15.8m and direct contribution of £10.4m in their mortgage business, which is lower than 2018.

The reasoning for the decrease is the timing of client projects according to Iress.

Transition to subscription revenue continued in 2019, with recurring revenue accounting for 31% of total mortgages revenue.

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