ASX-listed software vendor TechnologyOne has posed its seventh consecutive year of revenue growth in its full year results ending 30 September.
Revenue was up 11 percent to $135.8 million and annual licence fees were up 10 percent, increasing to $26.8 million while net profit before tax (NPBT) grew 15 percent to $23.3 million.
Executive chairman Adrian Di Marco said the results were “particularly impressive” considering the company's increased investment in products, services, offices and staff. TechnologyOne spent $27.2 million on a research and development facility in
“Our new headquarters were designed to offer an outstanding work environment, improve productivity and increase collaboration across our expanding product range. It will also help TechnologyOne continue to attract the best R&D talent,” he said.
Further, TechnologyOne’s said the introduction of preconfigured, sector-specific solutions were a success.
“This has reduced the time and the risk typically associated with a large, enterprise-wide implementations, and enhanced the value our solutions provide to our customers,” Di Marco said .
Di Marco also announced TechnologyOne's cloud strategy which would mean a "radical restructure" of the business.
“TechnologyOne already delivers its Connected Intelligence (Ci) solutions in the cloud, but to take full advantage of all the benefits of cloud technology ... TechnologyOne is completely restructuring its business model and re-engineering its software for the cloud” he said.
The new TechnologyOne Cloud Computing Suite (C2) was built, hosted and delivered in the cloud, the company said.
The first of TechnologyOne’s new C2 cloud services will be delivered in 2011, following an internal pilot.
“Our Ci series will continue to enjoy strong sales for the next couple of years, but we will also be providing our customers with a clear transition path so they can migrate into the cloud when they choose," Di Marco said.
He said the pipeline of opportunities for the coming year remained good and TechnologyOne expected further growth in revenue and profit growth in the 2011 financial year.