IRESS Limited today announced Underlying Group profit of $71.4 million for 12 months to 31 December 2014, up 27.7% on the prior corresponding period (Full Year 2013: $55.9 million) [note 1, note 2].
Highlights included:
– Group Revenue of $329.0m up 31.3%, Group Segment Profit of $111.4m up 26.4% [note 2]
– Strong UK presence following successful Avelo acquisition
– Continued diversification with 45% of revenue from outside Australia (2013: 32%)
– Focus on growth opportunity in Australasia (Segment Profit +5.2%)
– Reported Group Profit of $50.67m, up 109% on full year 2013
– Final dividend of 25.5 cents per share (full year up 9.2% on 2013), 40% franked
IRESS Chief Executive Officer, Andrew Walsh, said the 2014 full-year result reflects IRESS’ long-term focus on delivering to clients, its reliable, differentiated solutions, and its focus on diversifying its business and achieving positions of scale.
“IRESS continues to anticipate and respond to changing market conditions at the same time as transforming itself into a more international business.
“Globally, our strategy of building and delivering reliable, trusted and innovative solutions backed by quality, on-the-ground support is evident, and has resulted in strong, recurring revenue. This is the first full-year period since our successful Avelo acquisition and a strong presence in the United Kingdom is helping deliver international opportunity and diversification.”
The result was positively impacted by the full period contribution by the United Kingdom (2013: four months), with Operating Revenue for the group increasing 31.3% and Segment Profit up 26.4%.
Notes:
1 All comparisons are comparisons with the prior corresponding period (12 months to 31 December 2013) unless stated otherwise.
2 IRESS considers inter-period comparability of results is best presented as the underlying operating results of the relevant businesses calculated excluding share-based payments, non-recurring items, and strategic amortisation charges and has presented results consistently in this way for the past 10 years. A reconciliation between Underlying Group Profit, Group Segment Profit and Report Group Profit in included in Note 30 of the 2014 Financial Statements. Following the introduction of balance sheet debt to fund the Avelo acquisition, interest income was grouped with interest expense and other funding costs (see under Treasury in the investor presentation of the financial results as of the first half of 2014, including for historical periods). This was done to ensure inter-period comparability of the underlying operating performance is reflected in Segment Profit results.
Leave a Comment
You must be logged in to post a comment.