Iress has published its first results since completing the sale of its UK mortgage sales and origination business earlier this month.
In an update to the Australian stock exchange the company says it is “driving increased returns”.
As such, it has upgraded its projected earnings before interest, tax, depreciation and amortisation (EBITDA) to $A135-$141m for the full year – which amounts to £70-£73m, adjusted to £65-£68m after asset sales.
Iress sold its UK mortgage sales and originations business to Bain Capital Tech Opportunities for £85m before costs.
Iress’ group chief executive officer Marcus Price says: “We are executing well on our transformation initiatives and are on track to complete the program in the second half, with benefits being realised well ahead of schedule.
He adds: “Through the sale of non-strategic assets, we have considerably strengthened our balance sheet which sits at 1.2x leverage following the completion of the sale of our UK mortgages business early in the second half.
“Pleasingly, we now expect to be in a position to reinstate a final dividend for FY24.”
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