Iress Limited's Expectations for 1H24

Iress Limited (ASX: $IRE) expects a substantial increase in Adjusted EBITDA for the 1H24 period, projecting it to be between $65m-$67m, marking a significant rise of approximately 50% from the prior corresponding period (pcp) figure of $44m. The company's transformation program is nearing completion, contributing to the improved operating leverage and disciplined cost management. Iress' core businesses of Wealth and Trading & Market Data, along with UK Wealth, are anticipated to demonstrate notably higher earnings compared to the pcp. The company has also progressed well in asset sales, including the divestment of its Platforms business and Pulse portfolio management software, with the expected completion of the sale of the UK Mortgages business by 1 August 2024.

Executive Commentary on 1H24 Expectations

The material uplift in earnings for the 1H24 period reflects the successful execution of our transformation program and our commitment to disciplined cost management. We are pleased with the progress made in our core businesses and the positive performance of UK Wealth under strengthened leadership. The completion of asset sales has further strengthened our financial position, allowing us to retire debt and set the stage for sustainable dividends. We look forward to announcing our first half FY24 results on 19 August 2024.

Summary of Iress' 1H24 Expectations

Iress Limited (ASX: $IRE) anticipates a substantial increase in Adjusted EBITDA for the 1H24 period, driven by the nearing completion of its transformation program and disciplined cost management. The company's core businesses of Wealth and Trading & Market Data, as well as UK Wealth, are expected to deliver significantly higher earnings compared to the prior corresponding period. Additionally, the progress in asset sales, including the divestment of certain businesses, has strengthened the company's financial position, enabling the retirement of debt and paving the way for sustainable dividends. With the upcoming announcement of the first half FY24 results, Iress remains focused on its strategic goals and financial performance.