Shares in the financial software and data firm down nearly than 30 per cent after disappointing half year results.
Iress suspended its interim dividend and will review its dividend policyShares in financial software and data firm Iress are plunging almost 30 per cent, following a cut in full-year earnings guidance and the suspension of its dividend as it charts a turnaround program.
Iress chief executive Marcus Price said it was prudent to suspend the interim dividend and reduce debt.Iress reported a net loss after tax of $139.8 million and earnings before interest, tax, depreciation and amortisation of $29.4 million in the first half of 2023, down 55 per cent on the corresponding period.
“Despite this, revenue increased in a challenging macro environment while EBITDA was impacted by cost pressures, including a significant uplift in tech infrastructure, market data and inflationary salary costs,” Mr Price said. For the full financial year, the company said it expected further softening in revenue growth, continued cost pressures and underlying EBITDA to be broadly flat.P Financial’s Olivier Coulon described the sale of Iress’ managed funds administration business as a “small positive” that will support balance sheet health and remove a business that is no longer core to Iress’ strategy.
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