2 Stocks that slipped on ASX – Iress Ltd and IPH Ltd
Earnings impacted by one-off costs and currency movements: For 1HFY17, Iress Ltd (ASX: IRE) has reported a statutory net profit after tax of $29.5 million, up 10% over the previous half (six months to 31 December 2016) and down 10% over the prior corresponding period (six months to 30 June 2016). NPAT performance difference between corresponding halves reflects the impact of non-recurring items, movements in currency, amortisation charges on recently-acquired business and movements in interest and tax charges. Operating revenue increased to $211.8 million, up 8% on 2H16 and 9% on 1H16. Importantly, segment declined marginally to $59.6 million, down 1% on 2H16 (down 2% on a constant currency basis against 2H16) and down 6% on 1H16 (down 3% on a constant currency basis against 1H16) due to one off costs associated with client and internal people activities. Excluding these one-off costs, segment profit would have been up 3% on the previous half. Cashflow conversion remained high at 91%, in line with the previous half. The impact of currency movements on revenue and segment profit over the prior corresponding period was quite visible.
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