A tech firm which makes Client Relationship Management software for Financial Planners, among a range of technology systems for firms across the financial services sector, has announced a statutory net profit for 2016 of about £48million, up 7% over the prior year.

IRESS, which provides wealth management tech services for planning firms, today reported its operating revenue increased 8% to about £312million.

Segment Profit, a measure of IRESS’ core underlying performance, was up 4% to £99 million.

UK operations contributed 35% of Group Revenue, while UK Operating Revenue (excluding Lending) was up 36% and UK Segment Profit (excluding Lending) went up 53%.

During 2016, IRESS said it had seen strong demand in the United Kingdom from wealth management and lending businesses for integrated IRESS technology solutions.

IRESS also worked with financial services businesses including Tilney Group, Saranac, AES International and Progeny Asset Management, in 2016.

Simon Badley, managing director, IRESS UK, said: “Our strong financial performance reflects our continued strategic and focused approach to service and growth. The result positively reflects past investments we have made in designing, developing and delivering solutions to meet our clients’ needs

“We are positively engaged with a broad range of market participants and continue to see strong demand for IRESS solutions, underpinned by regulatory change and sector growth.

“We are committed to ongoing investment and innovation to ensure the technology and product solutions we offer continue to lead the markets we operate in. We are confident in the pipeline of opportunities that exists in the United Kingdom both from current and new clients.”