Iress delivers 20% profit lift
Iress Market Technology (IRE) reported a full-year net profit of $42.8 million, up 20% from 2008. The company said the result reflected stabilising conditions among the client base.
“Following the high level of cancellations resulting from cost cutting and downsizing within the client base in late 2008 and early 2009, conditions quickly stabilised but remained cautious,” the company said.
Despite this, the company said there has been client activity to seed new initiatives and reduce costs through technology, which has seen emerging revenue growth in the second half.
“Together with cost management, the resulting second half EBITDA was slightly positive with a solid full year result for the group,” the company said.
Building on strong growth in the first half, the company said its Canadian business has made an overweight contribution to this result, and although from a small base, growth in South Africa was also strong on the back of technology upgrades.
Looking ahead, the company said trading in the early months of 2010 has been pleasing.
“While initial results are positive, the timing of a full recovery in our mature businesses to pre-crisis growth levels remains difficult to predict,” the company cautioned.
IRESS Directors declared a fully franked final dividend of 21c per share up from 19c per share in 2008.
At 1017 AEDT, IRESS Market Technology shares were down 7c to $8.12.
Leave a Reply