TechOne, MYOB post profits

TechOne, MYOB post profits

ASX-listed software developers Technology One and MYOB have posted net profits and are predicting market growth in forthcoming quarters.

For Brisbane-based Technology One, it was the seventh consecutive year of annual profit. The developer posted net profit after tax of $8.76 million, up 13 per cent, based on revenues of $46.37 million, up 20 per cent. Revenue from new clients grew by 24 per cent on the back of new deals with multiple corporate and government deals, both here and overseas. These include at least seven international deals, 10 local Australian councils, 10 state and federal government agencies and 15 large corporations.

The company, which develops financial, HR and administration software, has invested more than 17 per cent of its revenue back into research and development of new products, and over the course of the year employed an additional 100 staff and opened a new Canberra office.

Not surprisingly, CEO Adrian Di Marco was pleased with the result. "This is an outstanding achievement, considering difficult market conditions for the IT industry, which has seen many of our competitors report drastically reduced revenues and earnings."

Meanwhile, small business accounting software vendor MYOB released a net profit of $2.45 million for the six months to June 30. The result was a remarkable turnaround on the corresponding half in early 2001, when the company posted losses of $2.9 million.

The company expects that it already has "unearned revenue" of $14.2 million on its books thanks to the introduction of new customer support plans, which guarantee future revenue. Over 45 per cent of its current operating revenues were derived from such subscription services.

CEO Craig Winkler expects that the company will continue to post positive results and will achieve a comparative revenue growth rate for the full 2002 year of around 20 per cent.

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