TechnologyOne profit and revenue lifts in first half

TechnologyOne profit and revenue lifts in first half

Annual reccuring revenue rises 40 per cent to $316.3M

Edward Chung (TechnologyOne)

Edward Chung (TechnologyOne)

Credit: TechnologyOne

Publicly listed SaaS ERP vendor TechnologyOne has seen profit after tax jump 24 per cent to $41.3 million while total revenue was up 22 per cent to $210.3 million for the first half of FY2023. 

SaaS annual recurring revenue was up 40 per cent to $316.3 million. The Australian software company also increased SaaS customers by 27 per cent to 903 for the half-year ending 31 March.

TechnologyOne CEO Edward Chung said it had delivered its fourteenth consecutive year of record first half profit, revenue and SaaS fees.

 “Our SaaS business continues to grow strongly. We have a clear and consistent strategy, and our team are executing very well, delivering significant value for our customers,” Chung said.

“We saw an acceleration of customers move to our global SaaS ERP solution, with more than 189 large enterprise customers committing to make the shift in the last 12 months, the highest number to date for any comparable period.

“Our global SaaS ERP is the future of enterprise software. It provides our enterprise customers a mission-critical solution to run their entire business on any device, anywhere, at anytime. It also allows them to innovate and meet the challenges ahead with greater agility and speed, without having to worry about underlying technologies. This makes life simple for them."

Chung highlighted that there were 25 large-scale enterprise customers which partnered with TechnologyOne in the first half including Hume City Council, City of Parramatta Council and six Victorian water authorities in Australia, Waikato District Council and Massey University in New Zealand and London Business School, Liverpool School of Tropical Medicine and Ashfield District Council in the UK.

“All of these organisations partnered with us to find efficiencies through transforming their operations to enable more free time and resources, which can then be invested back into their customers and community,” he said. 

Earlier this month, TechnologyOne flagged a cyber security incident into its back-office system and appointed “third party experts” as part of its investigation.

The incident involved access to its internal Microsoft 365 back-office system by an unauthorised third-party user and reassured its customers they remain unaffected by the security breach.

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