TechnologyOne doubles first half profit on customer growth

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TechnologyOne doubles first half profit on customer growth
CEO Edward Chung

TechnologyOne has maintained its streak of record profit and revenue growth on the back of its enterprise SaaS platform.

The Brisbane-headquartered company posted net profit of $24.5 million for the half-year ended 31 March 2019, up 130 percent from the same period last year. By comparison, revenue was up five percent to $129.3 million for the period.

Chief executive Edward Chung credited the growth to an increase in large-scale enterprise customers, as well as local government councils.

“I am pleased to announce that we have delivered our tenth year of record profit, record revenue and record SaaS fees,” Chung said.

“TechnologyOne is on track to deliver continuing strong growth with net profit before tax over the full year of $71.6 million to $76.3 million.”

Large-scale enterprise SaaS customers increased 39 percent to 389, up from 280 the previous year. SaaS annual contract value is also up 45 percent to $85.8 million.

The company also saw losses from its UK operations decrease from $3.2 million to $900,000 for the period as it continues to invest in the venture.

“Our ability to successfully undertake large-scale cutting-edge R&D and to successfully commercialise it has underpinned our success,” TechOne executive chairman Adrian Di Marco said.

“We continue to invest in new exciting ideas and innovation including artificial intelligence and machine learning, which we will ship in our 2019A release in the first half of 2019.

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