Iress 2024 Results Announcement
| Stock | Iress Ltd (IRE.ASX) |
|---|---|
| Release Time | 24 Feb 2025, 8:31 a.m. |
| Price Sensitive | Yes |
Iress reports strong FY24 results, boosts guidance
- Completion of transformation program, Iress in stronger position
- Adjusted EBITDA up 25% to $132.8m, ahead of guidance
- Margin expansion of over 500bps, leverage ratio down to 1.0x
- Reinstated final dividend of 10 cps
Iress Limited has announced its financial results for the full year ended 31 December 2024 (FY24). The company delivered Statutory Net Profit After Tax (NPAT) of $88.7m in 2024, a $226.2m increase on the prior year's loss of $137.5m, which was materially affected by asset impairments. Iress' preferred business performance measure, Adjusted EBITDA, was $132.8m and 25% higher versus the prior year. Operating revenue was $604.6m, down 3% on the prior year, substantially impacted by the divestment of non-strategic assets. Revenue increased 4% on a continuing business basis, primarily driven by a 12% increase in revenue for the UK business. Operating costs for 2024 were $471.8m, a significant 9% reduction on the prior year, due to lower FTE and disciplined management of non-wage expenses. The company saw growth across all business lines, with Adjusted EBITDA increasing $26.7m to $132.8m. Iress' leverage ratio has been reduced from 2.5x to 1.0x, and the Board has declared a final 2024 dividend of 10cps, 25% franked. In 2025, Iress will continue to invest for growth through focused programs of product innovation in its core businesses, as well as accelerating initiatives to capture new revenue streams in data & AI products. The Group expects to deliver FY25 Adjusted EBITDA in the range of $127m - $135m and FY25 NPATA in the range of $54m - $62m.
FY25 Adjusted EBITDA of $127m to $135m, 6-12% higher than 2024, and FY25 NPATA of $54m to $62m, 80-106% higher than 2024, for the continuing business.
Iress will continue to invest for growth through focused programs of product innovation in its core businesses, as well as accelerating initiatives to capture new revenue streams in data & AI products, underpinned by a strong focus on customer experience. The Group will remain focused on expanding margins while maintaining a disciplined approach to cost management.