Iress UK increased underlying adjusted earnings by 43% in the first half of 2026 as recurring revenue rose and operating costs declined.
The UK division of the Australian-listed financial technology company reported underlying adjusted earnings before interest, tax, depreciation and amortisation of £4.6 million, up from £3.5 million in the same period last year.
Recurring revenue grew by 3%, while operating expenses were reduced by 5.3%, according to the group’s half-year results.
Iress said the improvement reflected tighter execution as the company moved from simplifying its operations towards investment in products and growth.
Andrew Russell, group chief executive and managing director of Iress, said: “Execution has shifted from simplifying the business to investing in product evolution and sustainable growth. We are evolving our products, accelerating engineering capability and increasing delivery velocity through our partnership with Thoughtworks and the disciplined adoption of AI.
“While revenue growth is expected to remain measured in the near term, we are confident in our strategy and in delivering our FY26 Cash EBITDA margin exit run-rate target of 25%. Our focus is on building a higher quality software business with better products, stronger customer relationships and disciplined capital allocation to create sustainable long-term value.”
WEALTH PLATFORM INVESTMENT
Iress said its Xplan software was now used by five of the eight largest UK wealth managers by assets under management.
Royal Bank of Canada Brewin Dolphin went live on the platform during the period, while Iress completed the consolidation of the Evelyn Partners group on to a single operating system.
The company’s Sourcing division secured clients including Offa, GB Bank and Isla Partnership, as well as a three-year renewal with Fairstone.
Alistair Morgan, chief executive of Iress UK, said: “Our first-half performance reflects a clear focus on strengthening our UK business through better client outcomes and technology investment to drive long-term growth.
“It’s particularly encouraging to see our investment in Xplan strengthening our position with the UK’s largest wealth businesses. As industry consolidation continues, our experience supporting complex migrations puts us in a strong position to help firms integrate businesses, simplify technology and improve operational efficiency.
“We’re embracing AI across the business, including in engineering, where our partnership with Thoughtworks is helping us accelerate our capabilities. I’m looking forward to showcasing the new Xplan capabilities, including AI-enabled adviser workflow and productivity tools, at our showcase event in November.
“In Sourcing, we reported record business volumes across our Protection and Retirement services, reflecting the scale and distribution of our platforms across the market. We’re continuing to strengthen that position through sustained investment in our mortgage, protection and retirement technology, driven by client feedback.
“Across both businesses, we’ll continue to focus on doing what works: listening to our clients, responding to what they need and investing in the technology and support that the UK market needs today and in the future.”
PRODUCT DEVELOPMENT
Iress continued to invest in product development and engineering through its partnership with Thoughtworks and the use of artificial intelligence.
The company upgraded Xplan Mortgage with the aim of making sourcing faster and more reliable. It said changes to the Protection service on The Exchange saved advisers the equivalent of 182 working days in administration during the first half.
Iress was named best technology provider at an industry awards event in April. It also expanded its partnership with the South West cyber and technology community CyNam and raised money for Capital Kids Cricket at its charity cricket day in June.
