Technology One records 9% increase in profit in FY2017

Company News

by Kathy Skantzos

Software company Technology One (ASX:TNE) has recorded net profit before tax of $58 million for FY2017, a 9 per cent increase from the previous year, with revenue up 10 per cent to $273 million.

The results were underpinned by growth in its Technology One Cloud, contributing a profit of $2.5 million over the year, compared to a $2.2 million loss the previous year.

The company’s cloud business saw a 69 per cent increase in contract value to $27 million, which is anticipated to increase by 55 per cent to reach $42 million over the next 12 months.

Total annual subscription revenue hit $139 million for the company, a 17 per cent increase.

The dividend for the second half of the year increased by 10 per cent to 5.6 cents per share, taking the company’s total dividend for the year to 10.2 cents per share, an 8 per cent increase on the prior year.

Shares in Technology One (ASX:TNE) are trading 0.48 per cent higher to $5.28.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.