Tuesday, 18 February 2020 12:08

Reckon raises 2019 dividend

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Reckon's Reckon One SaaS small business accounting system Reckon's Reckon One SaaS small business accounting system

"Strong" full-year results have allowed accounting software provider Reckon Group to reduce its debt by $7 million and declare a 2c dividend bringing the total for 2019 to 5c, compared with 3c for 2018.

Net profit after tax was $8.1 million, up 5%.

Reckon's business and legal groups achieved "strong revenue growth" according to the company.

In particular, there was a 38% rise in subscriptions for the business group's cloud products, partly driven by the 29,000 signups for the new payroll mobile app that helps small businesses deal with the introduction of Single Touch Payroll reporting.

Business group revenue rose 6% in the second half of 2019.

New products such as Scan & Print were responsible for most of the 9% growth in the legal group's revenue.

The remaining part of Reckon is the accountants group. Its revenue fell by more than 6%, but the company reported that the group had made "substantial progress" on its new cloud suite, "with first module set for release during the first half of 2020."

Total group revenue closed at $75.4 million (practically flat) and EBITDA was $30.6 million (up 5%).

Reckon Group CEO Sam Allert said "We are shifting the business with an eye to the future. Our increasing profitability in 2019 is powered by Reckon's fundamental resilience and an unwavering focus on the forward horizon.

"While 2018 was a year centred on creating stability and certainty, 2019 has been a year of transformation and overall progress. For 2020, we expect to pick up momentum as our cloud and subscription growth strategy continues to accelerate."

 He added "The business is constantly looking to the future and our approach is backed by the results we have delivered in 2019."

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Stephen Withers

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Stephen Withers is one of Australia¹s most experienced IT journalists, having begun his career in the days of 8-bit 'microcomputers'. He covers the gamut from gadgets to enterprise systems. In previous lives he has been an academic, a systems programmer, an IT support manager, and an online services manager. Stephen holds an honours degree in Management Sciences and a PhD in Industrial and Business Studies.

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