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Court costs impact TechnologyOne results

Court costs impact TechnologyOne results

Takes $3.6M hit

Credit: dreamstime

TechnologyOne has copped a $3.6 million hit in its full year financial results as it plans to appeal a Federal Court decision involving an unfair dismissal case.

In October, the Australian ERP specialist, lost a long-running court case with a former employee - Behnam Roohizadegan, who accused it of unfair dismissal and workplace bullying.

Roohizadegan was the regional manager for Victoria and originally filed a $14.8 million suit against the company in 2018. That same year, TechnologyOne also faced accusations by another employee for bullying, victimisation and discrimination.

This time around, TechnologyOne said it has retained experienced counsel to expedite an appeal to the full Federal Court, pointing out 12 errors of law and fact in its Notice of Appeal without revealing any further comment as the matter is currently before the courts. 

In its financial results for the year ending September 30, TechnologyOne saw underlying profit before tax jump 13 per cent to $86.1 million and revenue from its software-as-a-service and consulting business jump 12 per cent to $269.8 million. 

Total revenue increased 4 per cent to $299 million while reported profit before tax was up 8 per cent to $82.5 million. Underlying net profit after tax was up 13 per cent to $66.1 million.

In its statement to the ASX, TechnologyOne said it has consistently delivered strong results since the company’s listing in 1999, and it continues to see strong growth in the future, expecting to double in size in the next five years. 

In the past year, the company claims it has added 104 enterprise customers to its global SaaS ERP solution - taking that figure to 539 large scale enterprise customers.

Additionally, TechnologyOne said it closed 40 major deals in the local government sector worth more than $45 million in total contract value, and has more than 300 council customers. 

Within the higher education space, it closed 10 deals with $10 million in total contract value.

“This year we continued to win new, large enterprise customers from our competitors,” TechnologyOne said. “30 plus organisations replaced our competitor’s systems including systems from Oracle, SAP, Microsoft and Infor.”

 


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