Iress announced its half year results for 2024, with its UK business contributing to a strong performance.
The group recorded a headline revenue growth of 2% when compared the prior corresponding period (PCP).
It also saw a recurring and total revenue growth of 4% and 5% respectively on a continuing businesses basis.
Other business highlights included the divestment of non-core businesses in UK Mortgages and Pulse, streamlining the business and enabling Iress to focus on core competencies of Sourcing & Wealth in the UK.
As well as this, the firm saw a significant improvement in earnings, driven by cost efficiency measures and revenue growth in underlying businesses.
It resigned three significant clients in UK Wealth, locking in approximately £43m in revenue over the next five years.
Marcus Price, group chief executive officer at Iress, said: “We are executing well on our transformation initiatives and are on track to complete the program in the second half, with benefits being realised well ahead of schedule.”
Alistair Morgan, executive managing director – UK, said: “I am really pleased with the results we’ve delivered in the first half of the year and particularly proud of the performance of the UK business unit.
“We have now streamlined our business through the targeted Mortgages and Pulse divestments to concentrate on our core Wealth and Sourcing businesses, and are continuing to invest in our product and service delivery to clients.
“We are already seeing the benefit of this with improved revenue and margin, a testament to the dedication and client-focus of our people.
“The renewal of three enterprise Wealth clients with a combined contract value of £43m over the next five years and the consolidation of our clients’ acquisitions onto Xplan demonstrates that the model of empowering the UK business to autonomously operate its product, technology and commercial operations is resonating with clients.
“Combined with new wins in wealth and sourcing, this demonstrates the strength of our value and commitment to clients in a key market for Iress that is poised for future growth.”
