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2020 Annual Report What Do We Do? We Provide Technology to Power Financial Services

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2020 Annual Report What Do We Do? We Provide Technology to Power Financial Services 2020 Annual Report What do we do? We provide technology to power financial services. What’s our purpose? Our strategic focus for investors, We believe technology should help clients, users and employees people perform better every day. The quality, competitiveness and relevance of our technology have successfully driven Iress’ What are we trying to do? long-term growth. The current drivers of industry growth, including regulatory requirements, Make it easy for people to love automation and data, mean Iress is well placed financial services. for continued success. If we get there, what will we become? The essential partner for forward-thinking financial services businesses. Key drivers of growth Increasing regulatory Increasing business Demand for Demand for data Demand for requirements. complexity and inter-connected solutions for efficiency through industry change. software and services. compliance, intelligence automation. and growth. Strategic priorities Attract and retain the A continued focus on Targeted investment Service clients Deliver a compelling best people. operational efficiency in data services, exceptionally. user experience. and quality. cloud technology and connectivity. Cover image credit: Ketut Subiyanto 01 In this report 2020 highlights 02 Business overview 04 Chair & CEO’s letter 06 Iress leadership 08 Wellbeing & technology assume centre stage 10 Iress Foundation 12 Board of directors 14 Material business risks 16 Impact of COVID-19 on Iress 17 Operating & Financial Review 18 Directors’ Report 22 Auditor’s Independence Declaration 45 Financial Statements 46 Directors’ declaration 94 Independent Auditor’s Report 95 Shareholder information 100 Corporate directory 101 AGM details Subject to COVID-19 requirements, the AGM will be a hybrid event, with the option to attend online or in person on: Thursday 6 May 2021 11.30am AEST RACV Club 501 Bourke Street Melbourne, Australia Image credit: Yan, from Pexels 02 Iress Limited Annual Report 2020 2020 highlights Financial Shareholder Operating revenue AUD (m) Sustainable return for shareholders Segment Profit $542.6 AUD (m) $152.9 7% 7% Earnings per share On a constant On a reported AUD (cents) currency basis v 2019 currency basis v 2019 32.3c Net Profit After Tax AUD (m) $59.1 $542.6 Dividend per share AUD (cents) 46.0c 2018 2019 $508.9 2020 $542.6 2019 2020 Operating cash flow AUD (m) Sustainable return Strong track record of $124.9 producing sustainable returns for shareholders 2019 $102.6 2020 $124.9 03 Moving to the cloud Employee rating score 1,000 90% Client sites migrated to AWS Favourable rating of support given by Iress during the pandemic (June 2020) Integrations New team members by acquisition 550 228 People welcomed to Iress, following the acquisitions of BC Gateways, Iress Community O&M Systems and OneVue in 2020 12,500+ Active users Increased digital connection for clients Iress Foundation 7x $373,873 Increase in Client Portal users Contributed by Iress Foundation and Iress people to charitable initiatives 04 Iress Limited Annual Report 2020 Business overview Iress is a leading technology company, designing and developing software and services for the financial services industry. Iress operates across Asia Pacific, the United Kingdom & Europe, Africa and North America. Software & clients Our technology sits at the centre of our clients’ businesses, supporting their core Our clients range from small retail to large operations with essential infrastructure and institutional businesses across the financial functionality, helping them deliver to their services industry. clients, members and customers. Software Clients Financial advice Integrated financial advice • financial planning tools • institutional and software offering: • scaled advice journeys independent advisory • client management • digital client solutions • business automation • data-driven compliance and analytics • portfolio data • consent infrastructure-as-a-service • research Trading and Global market data and trading • securities lending • institutional sell-side brokers market data software including: • analytical tools • retail brokers • market data • algorithmic trading • online brokers • trading interfaces • market making • order and execution management • CFD clearing • smart order routing • post trade solutions • FIX services • trading and market data APIs • portfolio management Investment Global investment management and Integrated software offerings, including: • investment managers management trading software including: • market data • investment platforms • portfolio management • order management • fund managers • order and execution • portfolio management • private client advisers and managers management services • client relationship management • wealth managers • FIX services • wealth management • retail platforms • analytical tools • Funds administration services • connectivity including: • funds registry • retail platform licensing and technology Superannuation Superannuation administration • digital advice solutions • superannuation funds software including: • fund administration services • fund registry • digital member portal Mortgages Multi-channel mortgage sales and Mortgage intermediary • mortgage lenders origination software including: software, including: • mortgage intermediaries • automated workflow • mortgage comparison • application processing • mortgage advice • connectivity • lender connectivity Life and Insurance and pension sourcing • quoting • institutional and pensions software including: • comparison independent advisory • application processing • mortgage intermediaries 05 Our locations Where our people focus Asia Pacific Product & technology 52% UK & Europe Client service & support 30% Africa Corporate 9% Operations 9% North America People across the globe Revenue $542.6m 2,333 Clients 9,000 1,215 Asia Pacific Users 772 UK & Europe 290 Africa 56 North America 500,000 06 Iress Limited Annual Report 2020 Chair & CEO’s letter 2020 was a year like no other—for individuals and for the world. Never before has our purpose—we believe technology should help people perform better every day—been as relevant. As the world’s financial services professionals started working from their homes, Iress’ technology demonstrated again how essential it is. Faced with a global pandemic, Iress Attracting and retaining the best people APAC was a stand-out performer with revenue management and the Board set two core sits at the core of successful technology up 10%. Our strong Australian businesses priorities to guide our response: uninterrupted companies. Iress’ employee engagement continue to deliver growth with consistently service delivery to clients and the health and rates have continued to improve in recent high returns. We made good progress in wellbeing of our people. years, and our current and former employees executing our growth strategies including rate us highly versus technology competitors turning QuantHouse to monthly profitability We have delivered on these two priorities on sites such as Glassdoor. Operational and in providing Australian super funds with throughout the past year. While some of the efficiency and leverage is critical to all a highly efficient, outsourced administration countries we operate in are experiencing aspects of our business, including financial solution. In the UK though, we have been periods of relief from government restrictions, outcomes, but also increasingly for client affected by restrictions relating to the others remain under heavy lockdowns and as and user experience. We are seeing this pandemic. While our significant growth a business we remain vigilant. in our financial performance, and in client opportunity remains intact, project timing Our technology investments in prior periods— and user feedback, where investment in our and new business development have been including workplace technology, and cloud technology platforms are driving consistent, delayed with revenue growth deferred. services and digital tools for clients—have high quality deployment at scale. Our 2021 has started well for Iress and we have a ensured we have been able to meet rapidly progress in migrating clients to cloud is positive outlook. For 2021 we expect to deliver changing client demand. This includes record strong with approximately 1,000 client sites Segment Profit in constant currency between trading volumes, heightened demand for migrated during the year. the range of $164m and $168m including tools such as digital signatures and urgent Servicing clients exceptionally and delivering OneVue and ROIC of between 9% and 10%. software changes such as those needed to a compelling user experience is at the heart Guidance assumes organic growth and facilitate early release of superannuation. of Iress. The addition of two executives during improving returns on growth investments, While the pandemic is not over, Iress has 2020, Joydip Das as Chief Product Officer underpinned again by 90%+ levels of demonstrated the value of its resilient and Michael Blomfield as Chief Commercial recurring revenue. business model, the essential nature of what Officer, will continue to drive a client and it offers to clients and users, and its strong user-centred culture. Your dividend collaborative culture. Financial results The final dividend is 30 cents per share, The Board and Management are proud of franked to 40% bringing the full year 2020 how our people have responded and adapted We are pleased to report 2020 results dividend to 46.0 cents per share, franked
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