At the company’s annual meeting in Melbourne, chief executive Andrew Walsh maintained the outlook provided by IRESS in its annual results in February, expecting year-on-year segment profit growth inclusive between 6 and 11 percent at constant exchange rates.
“We are experiencing sustained growth in wealth management, supported by existing and expanded capabilities, including in data analytics software and pensions,” said Andrew Walsh, managing director of IRESS.
“This comes against a backdrop of increased regulatory scrutiny of customers and attention to the royal commission.”
IRESS chairman Tony D’Aloisio said while the company was not directly involved in the royal commission, it was reviewing and evaluating its recommendations on culture, governance and remuneration.
“More importantly, at a strategic level, IRESS is focused on the opportunities for its business in the changes that the implementation of these recommendations will bring to the financial services sector,” added Mr. D’Aloisio.
Mr Walsh added that IRESS was also seeing growth in its wealth management and commerce businesses in the UK. The provider does not expect Brexit to have a significant direct impact on its business, but is monitoring indirect risks.
It also recently rolled out its lending software in Australia, partnering with local neobank Volt Bank to launch its pilot of its MSO mortgage platform.
The company’s remuneration report was adopted with 98.7 percent of shareholder votes.
Mr. D’Aloisio was also re-elected president during the meeting.
IRESS has changed its executive remuneration, removing the short-term cash STI in favor of a longer-term absolute TSR measure.
For the full year to December 31, 2018, group revenue increased 8 percent to $464.6 million, while reported net profit after tax stood at $64. .1 million, up 17 percent from the previous year.
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