Iress UK’s revenue stood at around A$133.4m (£67m) in 2024, a fall of 6% compared to the prior year, according to a financial report.
According to Iress’ annual report for 2024, the UK segment’s adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) came to around A$31.2m, a fall from A$32.3m in the year prior.
The firm said the fall was primarily due to the sale of its mortgage business in 2024. Iress agreed the sale of its UK mortgage sales and originations business to Bain Capital in August last year.
Iress UK said the divestment of UK Mortgages, along with its Pulse business, has allowed it to streamline its business and “focus on core competencies of sourcing and wealth in the UK”.
The report noted that, within its continuing businesses, excluding the impact of asset sales, revenue was 12% higher at A$107.3m and adjusted EBITDA increased by 173%, representing the strongest growth across the Iress Group in 2024.
Alistair Morgan, Iress UK’s CEO, said: “I could not be more proud of the strong results the UK team has delivered in 2024. Post-transformation, we have greater control of our own destiny in delivering the product, technology and service experience to our UK customers. This has seen us deliver improvements at both the cost and revenue line, while seeing increased demand from new and existing clients for our software.
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“As we look ahead, we expect these trends to continue. Our team is focused on making it easier than ever to migrate to Xplan, including powering acquisitive listed and private equity-backed advice firms to gain efficiencies when consolidating.”
He continued: “We are also continuing to listen and respond to customers by launching new tools and features within Xplan, including harnessing data and AI and working with new strategic partners to increase efficiency. We continue the accelerated investment in Iress’ Sourcing technology and products to further enhance its market-leading position and offerings to customers.
“Our commitment to the UK market is stronger than ever, having just signed a 10-year lease on a new building in London’s central business district, reflecting our considerable growth ambitions. This is an exciting time for Iress, but more importantly, it is an exciting time for our growing customer base, as our team is focused on exceeding the expectations of new and existing customers.”
Marcus Price, Iress’ group managing director and CEO, said: “2024 has been an outstanding year for Iress, with the successful execution of our transformation programme delivering significantly improved business performance across all metrics. We delivered earnings that exceeded our guidance range, through a strong focus on capital allocation, operating leverage and financial discipline, while enhancing margins across all business units and driving improved customer sentiment.
“Although our formal transformation program is now complete, we remain committed to delivering further operating leverage while we develop new growth vectors in our core markets. Iress is now a simpler, leaner organisation with a more efficient cost base and stronger balance sheet that provides both capacity and flexibility.
“Having made the clear strategic choice to focus on our strong key businesses, we are well-positioned to capture the significant opportunities present in global wealth management, powered by data and AI, while continuing to provide critical trading and market data infrastructure to the industry.”
