Iress’ UK business delivered a 43% increase in pre-tax earnings (EBITDA) to £4.6m in the first half of 2026, as it continued to invest in product development, AI and engineering capabilities.

The firm provides mortgage industry software including Trigold, The Exchange, Lender Connect, Xplan Mortgage as well as white-labelled sourcing APIs and integrations and similar technology solutions for financial advisers and wealth managers.

UK recurring revenue increased 3% year-on-year, while operating expenses fell 5.3%, according to its half-year results published today.

Iress said the improved earnings quality reflected disciplined execution, with investment shifting towards product evolution and sustainable growth.

UK CEO Alistair Morgan said investment in its Xplan platform was strengthening the firm’s position with larger UK wealth businesses.

“It’s particularly encouraging to see our investment in Xplan strengthening our position with the UK’s largest wealth businesses,” Morgan said.

“As industry consolidation continues, our experience supporting complex migrations puts us in a strong position to help firms integrate businesses, simplify technology and improve operational efficiency.”

Xplan is now used by five of the UK’s eight largest wealth managers by AUM, while Iress also completed the migration of Evelyn Partners onto a single operating system and saw RBC Brewin Dolphin go live on Xplan.

Morgan said the business was also embracing AI, including through its partnership with Thoughtworks, to accelerate engineering capabilities and product development.

“We’re embracing AI across the business, including in engineering, where our partnership with Thoughtworks is helping us accelerate our capabilities,” he said.

New Xplan capabilities, including AI-enabled adviser workflow and productivity tools, are due to be showcased at an event in November.

Iress’ Sourcing business reported record volumes across its Protection and Retirement services during the period, alongside new client wins including Offa, GB Bank and Isla Partnership. It also secured a three-year renewal with Fairstone.

Iress said product investment had also delivered operational improvements, with enhancements to its Protection service on The Exchange saving the advice market the equivalent of 182 working days of administration in the first half.

Group CEO and managing director Andrew Russell said the company had moved from simplifying the business towards investing in product evolution and sustainable growth.

“While revenue growth is expected to remain measured in the near term, we are confident in our strategy and in delivering our FY26 Cash EBITDA margin exit run-rate target of 25%,” Russell said.

“Our focus is on building a higher quality software business with better products, stronger customer relationships and disciplined capital allocation to create sustainable long-term value.”