Iress has eliminated its deputy group CEO position with Harry Mitchell leaving the business after two years.
The move was revealed in the technology firm’s half year results which also showed double-digit growth in UK earnings and an overall unchanged statutory profit after tax of AU$17.3m.
However, the 45% increase in UK earnings year-on-year failed to offset a 3.9% decline in earnings across the group over the same period.
Mitchell departs
In its results the firm said following a review of the company’s leadership structure it was determined the role of deputy CEO was no longer required, leading to his departure.
Mitchell (pictured) joined Iress in spring 2023 from Recreo as CEO of wealth management. He was subsequently promoted to group executive wealth and UK ahead of his appointment as deputy group CEO in October 2024.
Marcus Price, group managing director and CEO of Iress, said: “On behalf of the Iress board and management team I’d like to thank Harry for his outstanding contribution to Iress over the past two years, where he oversaw the turnaround of our UK business, a reset in APAC Wealth and led the divestment of Iress’ superannuation business. We wish Harry all the best for the future.”
UK revenue up
Iress in the UK achieved substantial growth across revenue, earnings and margins, posting adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) of £4.9m, up 45% from £3.3m in H1 2024.
Revenue was up 6% along with margin growth from 12.5% to 17.3% on the prior corresponding period.
However, across the group, overall revenue fell from $309.0m in H1 2024 to $299.5m in H1 2025, while earnings fell to $64.4m from $67.0m over the same period.
Iress’ CEO for the UK Alistair Morgan, said: “It is telling that our Australian parent company singled out the major upgrades to the Iress sourcing platform in its half year results.
“The two-way, real-time deep CIExpert integration of price and quality research exemplifies our drive to go beyond price comparison with our offering.
“There is clear, and growing, adviser demand for such initiatives that deliver greater price certainty and help them to demonstrate fair value and good outcomes in their recommendations. Something the regulator continues to have its sights trained on.”
Price said the firm’s continuing business has delivered a strong performance in the first half.
“The successful completion of our transformation program has allowed us to reset and refocus the business positioning us for long-term value creation,” he said.
“We have further strengthened our balance sheet following the sale of our superannuation business and the planned divestment of QuantHouse remains on track for completion in the second half.”