Iress UK delivers strong full year 2024 results
24 February 2025
Iress today announced its full year results for 2024, with its UK business once again contributing strongly to the Group performance.
Commenting on the full year performance, Iress’ Group Managing Director & CEO, Marcus Price, said:
“2024 has been an outstanding year for Iress with the successful execution of our transformation program delivering significantly improved business performance across all metrics. We delivered earnings that exceeded our guidance range, through a strong focus on capital allocation, operating leverage and financial discipline, while enhancing margins across all business units and driving improved customer sentiment.
“Although our formal transformation program is now complete, we remain committed to delivering further operating leverage while we develop new growth vectors in our core markets. Iress is now a simpler, leaner organisation with a more efficient cost base and stronger balance sheet that provides both capacity and flexibility. Having made the clear strategic choice to focus on our strong key businesses, we are well positioned to capture the significant opportunities present in global wealth management, powered by data & AI, while continuing to provide critical trading & market data infrastructure to the industry.”
Iress’ UK business delivered a strong full year contribution, characterised by improved earnings and performance under the new management team led by Alistair Morgan.
Key financial highlights include (on a continuing business basis)1
- Headline revenue growth of 12% compared with the prior corresponding period2
- Earnings growth (Adjusted EBITDA) of 173% compared with the prior corresponding period, from £4.3m to £10.4m.
- Margin growth from 7.4% to 18.1% year on year.
- Revenue per full time employee up 28%.
Other business highlights included:
- The divestment of non-strategic businesses in UK Mortgages (MSO) and Pulse, streamlining the business and enabling Iress to focus on core competencies of Sourcing and Wealth in the UK.
- Significant improvement in earnings, driven by cost efficiency measures and revenue growth in the Wealth business.
- Growing demand from new and existing customers, reflected in re-signing of key Wealth clients, locking in approximately £43m in revenue over the next five years.
1 Excludes the impact of divested businesses including UK Mortgages and Pulse.
2 FY23 to FY24
Iress’ CEO for the UK, Alistair Morgan, said:
“I could not be more proud of the strong results the UK team has delivered in 2024. Post-transformation, we have greater control of our own destiny in delivering the product, technology and service experience to our UK customers. This has seen us deliver improvements at both the cost and revenue line, while seeing increased demand from new and existing clients for our software.
“As we look ahead, we expect these trends to continue. Our team is focused on making it easier than ever to migrate to Xplan, including powering acquisitive listed and private equity backed advice firms to gain efficiencies when consolidating. We are also continuing to listen and respond to customers by launching new tools and features within Xplan, including harnessing data and AI and working with new strategic partners to increase efficiency. We continue the accelerated investment in Iress’ Sourcing technology and products to further enhance its market-leading position and offerings to customers.
“Our commitment to the UK market is stronger than ever, having just signed a 10-year lease on a new building in London’s central business district, reflecting our considerable growth ambitions. This is an exciting time for Iress, but more importantly it is an exciting time for our growing customer base, as our team is focused on exceeding the expectations of new and existing customers.”
