• Revenue declined 29% to $28.8 million
• Profit after tax fell 59% to $4.6 million
• New business revenue up 76% to $7.6 million

Integrated Research Limited (ASX:IRI) reported a 29% decline in revenue to $28.8 million and a 59% drop in net profit after tax to $4.6 million for the half-year ended 31 December 2024. The result reflects a lower value renewals book in the first half of FY25. Revenue contribution from new business (new clients and upsell to existing clients) increased by 76% to $7.6 million versus the prior corresponding period. The company made progress in the first half regarding its product agenda, with the release of High Value Payments, a new product within the Transact product group. Significantly, the company also secured a major US bank as a foundation client for this new product. Expenses decreased by 3% to $27.6 million, driven by lower personnel expenses. Cash generated from operating activities was $0.5 million, down from $3.4 million in the prior corresponding period, primarily due to a decrease in the value of the renewals book. The company did not declare an interim dividend, with the assessment of future dividends to be made after the annual results are available.