Business purchases and other developments have pushed the firm's revenues higher.

Sydney-listed fintech firm IRESS, which this publication recently interviewed about its work in sectors such as wealth management, has reported a 10 per cent year-on-year rise in group revenue for 2017, at A$340 million ($265.9 million). Revenue was boosted by its purchase of the Financial Synergy and INET BFA businesses during the reporting period. 

IRESS said its reported net profit after tax was A$59.8 million, up 1 per cent on the level of 2016.

“Our financial results for 2017 are at the higher end of the range of the revised guidance provided to the market in November 2017. We experienced increased business and revenue momentum in the second half, realising the benefit of investments made in prior periods. In particular, second half revenue increased 3 per cent over the first half, with second half segment profit up 11 per cent over the first half,” Andrew Walsh, chief executive, said. 

The organisation said recent months saw it deliver its new advice solution, XPLAN Prime, to three Australia-listed financial services firms; “critical milestones” in integrated solutions were achieved for Tilney Group and Close Brothers Asset Management in the UK and Echelon Wealth Partners in Canada.

The firm added that there was a rise in demand for IRESS’ portfolio management solution to new and existing retail and institutional buy-side clients.