Highlights:
- Shares of Iress tanked by more than 8% on the ASX on Tuesday.
- However, today, the shares have opened up in green zone.
- Recently, Iress had announced the appointment of Marcus Price as its new CEO, after Andrew Walsh shared his intent to retire.
- For the financial year 2022, the company has reaffirmed its guidance between AU$177 million and AU$183 million.
Shares of Iress Ltd (ASX:IRE) posted losses on Tuesday (26 July 2022) after the company shared that its CEO, Andrew Walsh, is leaving the company. Also the company reaffirmed the guidance for financial year 2022 (FY22).
However today, the company opened up in green and was trading 1.366% higher at AU$11.130 apiece at 10:21 AM AEST. Meanwhile, ASX 200 Info Tech was down 0.45% to AU$1,510.76 at the same time.
Who is the new CEO of Iress?
As Andrew Walsh shared his intent to retire, Iress has appointed Marcus Price as its CEO and managing director, taking up the responsibilities from 3 October 2022. Prior to assuming the role of CEO, Price has taken up the position of non-executive director in Iress from 26 July.
Reportedly, Walsh has been part of Iress since 2001.
As per the announcement, the new CEO carries extensive experience in leading transformative technology and financial services businesses. Earlier, he was the inaugural CEO of PEXA. He served the Boston Consulting Group and NAB and held senior executive roles in Dun & Bradstreet and Equifax (NYSE:EFX).
Guidance Iress said it expects to report AU$80.3 million of profit during the first half of the FY22, up by 6% on prior corresponding period (pcp). The company reaffirmed its guidance range of AU$177 million to AU$183 million for FY22.
The company expects to release its 1HFY22 results on 18 August 2022.
Share performance of Iress The share price of Iress has dropped by more than 4% in last five trading sessions. In six months, the shares have gained 5%. In last one year, the share price has lost around 10% and on year-to-date basis, the shares have fallen almost 13%.
About Iress
Iress is an ASX listed software and services company, listed on the exchange on 3 November 2000. The company develops software that assists the financial services industry in improving its performance. The company operates across Africa, North America, the United Kingdom & Europe and the Asia Pacific.