Technology One announces profits, ambitions

Technology One announces profits, ambitions

Top 200 company Technology One has had an impressive six months with profits up 44 per cent over the corresponding period last year.

Net profit before tax reached $3.54 million, while revenues grew to $11.89 million over the past 12 months, an increase of 35 per cent.

The Brisbane-based software developer supplies financial and business management applications to corporations, government and educational institutions.

The results put the company on track to meet its prospectus forecast of $8.25 million profit before tax for this financial year, said Technology One's managing director, Adrian Di Marco.

The company is currently operating approximately 9 per cent above that forecast after a 161 per cent increase in revenues from its project services division, which offers "purpose-built" software for clients with specific requirements, Di Marco said.

Technology One is working on the release of two new products: Retail One, set for release in the middle of this year, and Sales One, which is expected to hit the streets in early 2001.

The company is also set to expand its business in New Zealand, open an office in Malaysia by the middle of the year, and build on its partnership with Indian software company Kale. Kale is already providing Technology One with programmers on an outsourcing basis, Di Marco said.

Di Marco also pointed out that the company had recently kicked off discussions with companies in the UK, the next step for Technology One after Asia. From there it will be on to the US market, where Di Marco has his eyes on a Nasdaq listing.

Technology One had a similarly successful debut on the ASX last year, opening at $3 -- a 200 per cent increase on its $1 issue price. At last night's close Technology One shares were again trading at $3, valuing the company at close to $300 million.

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