ASX-listed Iress reports annual revenue exceeding $625 million

ASX-listed Iress reports annual revenue exceeding $625 million

ASX-listed Iress have announced its financial results for FY23, modestly upgrading guidance for FY24 and providing an update of the business’ transformation progress.

The key highlight for the year is Iress’ annual revenue exceeding $625 million and Underlying EBITDA of $128.3 million.

Iress’ CEO Marcus Price (pictured), said, “While 2023 has been in many respects a challenging year, Iress is delivering on the commitments made at Investor Day in April and is driving improved performance through our transformation program. Our balance sheet is strengthening, with the sale of MFA and future asset divestments in 2024 being used to retire debt. We’ve successfully enacted a cost management program delivering a 16% improvement in earnings in the second half compared to the first half. Our revenue has stabilised, with improvement in the second half, culminating in a result at the top end of our FY23 revised guidance.”

“Today also marks the beginning of our transition to clearer financial reporting, with fully cost allocated business units and a shift underway towards simplified profit measures. We also completed our new capital management plan which is designed to deliver a stronger balance sheet with lower leverage, create capacity to increase our R&D innovation, and enhance shareholder returns from a cash-generative business.

“Looking ahead, Iress is well positioned to grow in 2024, while also developing our product strategy to reinvent our world-class core platforms and capabilities for the future. We are progressing well – ahead of expectations – and remain on track to complete our transformation program by the end of FY24.”