IRE
A good update today from IRESS, at their investor day.
We are pleased, given our most recent note from the result, which has now aged well.
The new strategy is “reduce stock based compensation, release capital from underperforming global operations, invest in the local business to improve the product”.
We like all of that.
The cost out target is quite large, and likely to be viewed favourably by the market.
Guidance is reaffirmed below.
Consensus seems to sit at $142m, guidance as outlined above is ahead of that, on both underlying and pro-forma, at the low end of the range (a good thing).
Market should like this update.
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