IRESS Limited (AU:IRE) has released an update.
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IRESS Limited has reported a robust first half of FY24, with a significant 52% rise in Adjusted EBITDA to $67m and an operating leverage improvement boosting EBITDA margin by 54% over the prior corresponding period (PCP). The company’s strategic sale of non-core assets, including UK Mortgages, has strengthened the balance sheet, achieving a leverage ratio of 1.2x within target range, enabling the reinstatement of dividends. Furthermore, IRESS has upgraded its FY24 guidance, forecasting an Adjusted EBITDA of $126m-$132m, reflecting the company’s strong financial performance and disciplined cost management.
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