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IRIS releases first ever published annual report

IRIS, the UK’s largest private software house, today released its first ever published Annual Report & Results. Revenues for the year were £119m (period ended 30 April 2008: £95m), operating profit before exceptional costs and amortisation of goodwill (‘adjusted operating profit’) was £40m (period ended 30 April 2008: £33m). Operating profit before amortisation of goodwill was £37m (period ended 30 April 2008: £30m) with operating cash flow of £39m over the year (period ended 30 April 2008: £39m).
IRIS say the report demonstrates the company's commitment to complying with best practice corporate governance reporting and meets the standards set out in the Guidelines for Disclosure and Transparency in Private Equity issued in November 2007 (commonly referred to as the Walker Report).
Commenting on the results, Group CEO Martin Leuw explained; “During 2009, we made excellent progress with the integration of Computer Software Group into IRIS. We now operate as one integrated business and this has strengthened our position considerably as ‘The Sector Specialist’ with deep domain and customer knowledge, in sectors where our major competitors are all generalists. These are challenging times for all businesses, and more than ever before our customers need us as their IT partner, to help them adapt swiftly to a different economic climate.”
The Annual Report can be downloaded by clicking on the attachment link.

11 replies on “IRIS releases first ever published annual report”

This must be the first IRIS related article in the last year that hasn't had at least 10 comments.
Are the IRIS's competitors ignoring this article because they can't find a way to put a negative spin on it, or because they no longer see IRIS as a threat?

Or has the carnival moved on and the focus is more on Aderant -v- Elite, Open Text -v- Autonomy iManage, and Bighand -v- Winscribe?

Rather like Fawlty Towers, 'Just don't mention the debt'! Not a big problem for their profile of client really, unless you are looking for a long-term cohesive strategy from your vendor. (Some might say that we're still awaiting one from Thompson Reuters and Lexisnexis too). Many of the small concerns that Iris serves won't be bothered about that. Would still like to know why their MD Tony Bromfield left so quickly though.

Well last time with their car crash (sorry accounts) they completely misshandled the media/market and they leaked out before any official announcement was made. This time they've had a go at getting in first but the rather obvious difficulties remain.
I suspect that given most of the cleints, prospective suppliers, journalists, competition and IRIS staff know it's so bad that commenting on it has got a bit boring given the number of firms who are heading for the exit.
Most people you speak to feel it's past the point of no return or will become a much smaller version of what was the group of independent companies.
I suspect IRIS's board just wish they could ditch legal and get on with what they know and are good at in the accounting space…..

“In a world of often faceless
organisations, the personal and
tailored approach of our people
to the total customer experience
is a key differentiator for us. This
is evidenced by our average
annual customer retention in
excess of 90% which is amongst
the highest in our industry.”

For those of you who have been around long enough this may well serve to haunt IRIS in years to come along the lines of one particular supplier at a Barbican Exhibition (hint they began with an A) who said that Windows, NT and SQL had absolutely no future in their press pack

I am intrigued by “in excess of 90%”. What does that mean?
A retention rate of 99% is very good, a retention rate of 90.1% is not so good. You don’t have to be a mathematical genius to work out that if you start with 100 clients, assuming you don’t add any new ones, you will only have 59 left after 5 years at 90.1% but you will have 95 left at 99%.
I am also not sure how they claim “in excess of 90% which is amongst the highest in our industry”. How do they know that? As far as I know the industry doesn’t publish a figure for comparison. None of the surveys carried out measures it which is why most of us don’t publish it. Perhaps we should or perhaps the number doesn’t matter anyway.
I suspect that the worst supplier (whatever that means) would achieve a decent retention figure in this business. Most lawyers (especially smaller ones) never change their systems and you have to virtually crowbar an old system out! I would guess that the suppliers with the lowest retention figures are those that force their clients to do something by issuing an “end if life” or equivalent.
If you have 100 clients on an old system that you end of life and charge for an upgrade and you retain 80% you have done well (and made a lot of money in the process). If you have an old system that you don’t end of life but stop upgrading you will probably have retention of over 90%. Who is offering the best service?
Incidentally this is not meant as a particularly anti Iris post. It is perhaps more of a point about what behaviour constitutes good long term customer service. Perhaps retention figures should come with a health warning.

Strictly speaking they were correct. Windows NT and SQL definitely had no future in that press pack.

OLM Group appoints new managing director of OLM Systems division 12 May 2009
Leading supplier of integrated information solutions to the care sector, OLM Group, has today announced Arlene Adams as the new managing director of OLM Systems. Adams will lead the innovation programme to deliver local authorities and health care providers with the tools and services necessary to respond to a dynamic market.
Adams' strong track record of leading technology and services businesses in complex and changing markets makes this a timely appointment for the OLM Group. Adams brings much knowledge to the table, with over 15 years experience working for global technology and services giants IBM and Sun Microsystems, together with her most recent experience in IRIS Software.

Head of Customer Support for IRIS Legal leaves to join Arlene Adams (Ex CEO of Iris Legal).
Benette Kavanagh, Head of Customer Support for IRIS Legal, started out as a Legal secretary in a local law firm before joining AIM in 1991. She worked in numerous departments gaining valuable experience including several years as the AIM Customer Support Manager where she won several highly regarded awards for customer service. Benette was chosen as the natural leader for the combined IRIS Legal Business and was responsible for support across the entire division.

No big deal – she got a better offer (more money/flexi working etc) and the user base were notified last month. (IRIS told us this on 14 September.) Angela O'Byrne has now taken over the role.
Possibly more interesting is that Aldridge Brownlee (4 offices & 80 staff in the Bournemouth area) is replacing its IRIS Mountain system with Pilgrim Lawsoft – Neil Cameron Consulting advised on the deal. – Charles Christian

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