MYOB announces a solid annual profit

MYOB announces a solid annual profit

Accounting software vendor MYOB has reported a net profit of $5.45 million for the 2002 calendar year.

The ASX-listed vendor reported revenues of $75.8 million for the 12 months to December 31, 2002, an increase of 20 per cent over the previous year. Revenues and earnings before interest, tax, depreciation and amortisation (EBITDA) profits in Australia were particularly strong, rising 24 per cent and 77 per cent, respectively.

The company attributes its improving results to the successful launch of several new products such as MYOB Tax 2002, new services such as the MYOB Customer Payments Service, expansions to product lines such as the MYOB Retail Manager range, and the opening of new training centres in Perth, Brisbane and Adelaide.

MYOB chief executive officer, Craig Winkler, said that he had made good on his promise to return to strong cash flow generation in the 2002 calendar year.

“We are very happy to have delivered on the results we committed to, and particularly pleased that the good results were spread across our entire business,” he said.

MYOB expects revenues to continue to climb by 20 per cent and EBITDA growth of more than 50 per cent in the 2003 calendar year.

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