MYOB announces healthy profits

MYOB announces healthy profits

MYOB has announced stronger than expected results for the six months to 30 June 2000 with an after tax profit of $20.6 million.

The company said the result is 48 per cent higher than its May 1999 prospectus forecast for the full year 2000.

Revenues were up 11 per cent on the full year at $83 million, confirming strong SME and consumer sales of its accounting software products.

Earnings before interest, tax, depreciation and amortisation is up to 48 per cent of revenue, MYOB's operating cash flow was $34 million and cash reserves are sitting at over $50.5 million, the company reports.

MYOB CEO, Craig Winkler, said the growth is largely attributed to the introduction of the GST with the company shipping over 190,000 units in the period.

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