Australian technology business IRESS has reported an upswing in underlying profits of 27.7% after its UK operations benefited from a "strong demand" from advisers and wealth managers, the group has said.
IRESS reported underlying group profits of $A71.4m for the 12 months to 31 December, up from $55.9m in 2013. The group, which acquired UK technology firm Avelo in 2013, said it had benefited from the firm's contribution, which accounted for 32% of its $A329m group revenue. IRESS' main focus throughout the year had been on integrating Avelo while implementing "several large wealth projects". The firm said it will continue to invest in its private wealth solutions business over the coming year given the "strong market interest". Chief executive officer Andrew Walsh said: "The 2014...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
