ASX-listed software developer Technology One has recorded a net profit of $7.77 million for the year ending June 30, 2001, an increase of 35 per cent over last year's figures.
Claiming immunity from the current technology slump, Technology One made the profits on the back of $38 million in revenues in what amounted to its ninth straight year in the black.
Technology One's earnings before interest, tax, depreciation, amortisation and research and development costs was more than $19 million for the year. Over $7.8 million was spent on research and development.
The company's profits have increased its cash position by more than $11 million over the course of the year. It now holds cash reserves of more than $25.34 million.
Technology One's chief executive officer, Adrian Di Marco, attributed the positive results to the success of the company's initial foray into the Asian region, where Malaysia in particular has proved a profitable new market. Technology One had also opened an office in New Zealand, South Australia and Western Australia, and acquired Proclaim Software during the reporting period.
Di Marco said the company would now expand further into Asia by appointing a partner manager for the region during 2002.