TechnologyOne reports rise in half-year profit to $41.3m
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Wednesday, 24 May 2023 09:53
TechnologyOne reports rise in half-year profit to $41.3m
By Sam Varghese
ASX-listed enterprise software-as-a-service vendor TechnologyOne has reported a 24% rise in its half-year profit after tax, to $41.3 million.
In a statement to the ASX on Tuesday, the company said this was the 14th year of record first-half profits.
Its annual recurring revenue for the same period rose by 40% to $316.3 million.
Revenue from the SaaS and continuing business also went up, by 18%, to $200 million.
Chief executive Edward Chung said: “We saw an acceleration of customers move to our global SaaS ERP solution, with more than 189 large enterprise customers committing to make the shift in the last 12 months, the highest number to date for any comparable period.
“Our global SaaS ERP is the future of enterprise software. It provides our enterprise customers a mission critical solution to run their entire business on any device, anywhere, at anytime. It also allows them to innovate and meet the challenges ahead with greater agility and speed, without having to worry about underlying technologies. This makes life simple for them.
“These are strong half-year results for TechnologyOne and validate the strength of our SaaS strategy, which continues our strong growth trajectory in both Australia and the UK.
“We continue to have many strong customer wins driving organic growth. Twenty-five large scale enterprise customers partnered with us in the first half, including Hume City Council, City of Parramatta Council and six Victorian water authorities in Australia, Waikato District Council and Massey University in New Zealand and London Business School, Liverpool School of Tropical Medicine and Ashfield District Council in the UK.
"All of these organisations partnered with us to find efficiencies through transforming their operations to enable more free time and resources, which can then be invested back into their customers and community,”
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