Enterprise software solutions provider, TechnologyOne, has posted a net profit after tax of $8.7 million for the first half, up 17 per cent from the same period last year.
The first half results, ending March 31, put the company “on track” to deliver 10 to 15 per cent growth for the full year, the company said in a statement.
Its annual licence fees grew by 18 per cent, the company said.
TechnologyOne executive chairman, Adrian Di Marco, said the company saw “significant growth opportunities” and has stolen market share from its competitors, which rely on implementation partners to implement their software.
“We are seeing more and more organisations switching to TechnologyOne after abandoning our competitors’ business models, which are outdated, obsolete and lack accountability,” Di Marco said. “Where our competitors charge $3 services to $1 licence fees, TechnologyOne’s approach means our services fees are typically one to one with licence fees, or less.”
The company claims it has further reduced implementation costs to $0.50 of services to $1 of licence fees, according to a statement.
Following the results, it has upped the dividend for the half-year to 1.77 cents per share, up 10 per cent on the prior year.