Iress finalized its acquisition payments to data providers and AI firm QuantHouse, roughly eight months ahead of schedule.

The move forward at the end of the earnings period allowed for the full integration of Quanthouse, resulting in a non-cash profit after tax to Ires’ 2021 net profit after tax (NPAT). of $14 million.

As a result, the group’s FY21 NPAT guidance in constant currency has been upgraded to $70 million to $77 million, from $56 million to $63 million.

Iress also signaled that its NPAT for the March quarter was up 11% from the previous corresponding period.

Andrew Walsh, CEO of Iress, commented that the group will now move towards full integration of QuantHouse's teams and strategy.

"Given the one-off positive impact on net profit from the release of provisions, we build on our NPAT guidance for the year, which provides context and insight for investors on how the business has performed to date," Mr Walsh said.

"We continue to make good progress in building scale and improved returns in our key growth strategies."

Recently acquired OneVue is also on track to be initially integrated in the third quarter. Iress said OneVue's corporate and functional teams are now embedded in the business.

The group is set to roll out an automated administration service later in the year, with two customers already signed up to launch in 2021.

"2021 promises to be a productive year for Iress as we deliver projects for major clients, integrate OneVue with Xplan and grow our UK revenue and margin as the market continues to recover,” said Mr Walsh.

"Our focus is clear. We continue to develop a highly competitive business with scale in key markets to drive margin expression and increased return on invested capital.”

Sarah Simpkins

Sarah Simpkins is a journalist at Momentum Media, reporting mainly on banking, financial services and wealth.

Prior to joining the team in 2018, Sarah worked in commercial media and produced stories for a current affairs program on public radio.

You can contact her at [email protected].