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Wednesday, 20 November 2019 00:19

TechnologyOne boosts profits in year of ‘strong growth' Featured

Edward Chung, TechnologyOne CEO Edward Chung, TechnologyOne CEO

Australian-listed IT services company TechnologyOne has boosted profits for the year to the end of September on the back of continued “strong growth” over the 12 months.

The company reported profit before tax of US$76.4 million for 2019, up 208% on the prior year, underpinned by what TechnologyOne says is the continuing fast growth of its SaaS ERP solution.

TechnologyOne also reported:

  • SaaS Annual Recurring Revenue (ARR) of US$102m, up 44%
  • Revenue of US$286m, up 13%
  • Expenses of US$210m, down 9%
  • Cashflow Generation of US$45m, down 14%
  • Cash and Cash Equivalents of US$105m, up 1%
  • Total Dividend of 11.93cps, up 8%
  • R&D investment of US$60m before capitalisation, up 11%, which is 21% of revenue

TechnologyOne (ASX:TNE) CEO, Edward Chung said: “TechnologyOne has consistently delivered strong and growing results since listing on the ASX in 1999.“Our ability to deliver these results for 20 years is due to our clear vision, strategy and our significant investment in R&D,” he said.

Chung also said the APAC region performed strongly with profit up 40%, underpinned by strong SaaS growth from the company’s “market leading” enterprise SaaS offering.

“We continued to invest strongly in the UK and its result improved by 64%.

“We remain excited about the significant opportunities for the coming years in both our SaaS offering and the UK market. We will continue to grow quickly, and like we have in the past 32 years, we expect to double in size again in the next 5 years.”

On TechnologyOne’s global performance, Chung said: “I am pleased to announce our tenth consecutive year of record profit and record Annual Recurring Revenue (ARR) for TechnologyOne.

“Our global SaaS ERP solution is transforming our customers’ business and makes life simple for them. This is resonating strongly with the market, driving our continuing strong results.

“The TechnologyOne global SaaS ERP solution is growing very fast with SaaS ARR of US$102m, up 44%. This growth is all organic and includes no acquisitions.

“We added 88 enterprise customers this year to our global SaaS solution. We now have 435 large scale enterprise customers, with hundreds of thousands of users, making it the largest single instance SaaS ERP offering in Australia.

“Our Total Annual Recurring Revenue has now hit US$202m and is set to exceed US$500m in FY24.

“Our global SaaS ERP solution is delivering a compelling value proposition for our customers providing them any device, anytime access from anywhere around the globe as well as a simple and cost-effective way to run their enterprise. This is allowing our customers to innovate and meet the challenges ahead with greater agility and speed, without having to worry about underlying technologies.”

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