Australian-owned fintech Iress said its UK subsidiary had achieved a “significant” turnaround in financial performance this year after it refocused the business on sourcing and wealth.

Iress UK sold its UK mortgage sales and originations business to Bain Capital Tech Opportunities for £85m earlier this month.

It said the re-signing of three significant clients in UK wealth had locked in approximately £43m in revenue over the next five years.

In an update to the Australian stock exchange today it said the business had made a significant improvement in earnings, “driven by cost efficiency measures and revenue growth in underlying businesses.”

Alistair Morgan, Iress’ executive managing director – UK, said: "We have now streamlined our business through the targeted Mortgages and Pulse divestments to concentrate on our core Wealth and Sourcing businesses, and are continuing to invest in our product and service delivery to clients. We are already seeing the benefit of this with improved revenue and margin.”

It said headline revenue growth was 2% in the last six months when compared to the previous corresponding period. Recurring and total revenue growth was 4% and 5% respectively on a continuing businesses basis, excluding the sold UK mortgages and Pulse businesses.

It raised its projected profits to £70m-£73m for the year, up from to £65m-£68m after asset sales.

The company said it is “powering acquisitive listed and private equity-backed advice firms, supporting the consolidation of their acquisitions onto its financial advice software Xplan, through Iress’ data migration expertise.”

Marcus Price, group chief executive, said: We are executing well on our transformation initiatives and are on track to complete the program in the second half, with benefits being realised well ahead of schedule.”

Iress is a technology company providing software to the financial services industry. It provide software and services for trading and market data, financial advice, investment management, superannuation, life and pensions and data intelligence in Asia-Pacific, North America, Africa, the UK and Europe.