Technology One’s revenue hits a high

ASX-listed software developer Technology One Limited announced a record full year net profit after tax of $12.3m, an increase of 16 percent over the prior year.

Adrian Di Marco (pictured} Technology One executive chairman said the company’s Initial Licence Fees was also up 58 percent to $12.8 million, representing an increase of $4.7 million over the previous corresponding period.

"I believe a lot of our growth is being fuelled by the uptake of new licenses," he said.

TechnologyOne’s full year result, under the new Australian Equivalents to International Financial Reporting Standards includes revenue up 21 percent to $65.2 million – an increase of $11.3million.

Net profit before tax up 13 percent to $16.3 million - an increase of $1.8 million. Its R&D was also up 24 percent to $12.7 million - an increase of $2.5 million (representing 19 percent of revenue).

Expenses, excluding R&D and depreciation, were also up by 24 percent to $36.4 million - an increase of $7.1 million

In the past 12 months the company has signed up big name clients like the Government of Papua New Guinea, New Zealand Ministry of Justice, Ministry of Economic Development, Adelaide Bank and Queensland University of Technology (QUT), said Di Marco.

“We have also begun building a solid sales pipeline in the UK since opening our first office in March, and expect to begin to see the results of this in the medium term,” he said.