Iress has claimed improved customer sentiment and reduced costs due to its corporate restructuring and cutting staff numbers.
The firm announced earlier this year it would reduce its staff numbers by 10 per cent, divest its Managed Fund Administration and platform services, amongst other initiatives to improve business bottom line and pay off debt.
In an update to investors on Thursday morning, the company announced it has reduced staff numbers by 4 per cent and revenue per employee has increased 30 per cent year-on-year, from $272,000 to $356,000.
During a presentation to investors, Iress CEO Marcus Price said change is something “we can do”. “The change management inflection point is passed,” he said.
“It’s hard when you get to that first moment of change for an organisation that hasn’t changed a lot. Going through that process, we’ve now got a group of people who are well engaged with change and embrace the need for it.”
Additionally, Price said the company’s client satisfaction score has improved and that customer retention stands at 99 per cent.
“We’ve got a full program of work to speak to each of our customers about the value they’re getting from our products,” Price said.
“Not a conversation they’ve had before – this is not about pricing, it’s about what value do you get from utilising Iress tools… We’re seeing a tide turning with the attitude towards us with our customers.”
In terms of the overall restructure of the Iress business, Price said there are 10 major workstreams covering 80 programs of work and 300 separate initiatives.
“There are 300 or more people engaged in one form or another in transformation as a part of their day-to-day business – this is a whole-of-enterprise effort,” Price said.