MYOB lifts its full year profit 16.3 per cent

Company News

by Jessica Amir

Accounting software and platform provider MYOB (ASX:MYO) has reported its net profit after tax rose 16 per cent on 2016, to about $61 million in the year ending December 2017.

In more good news for the company its revenue rose 12 per cent on last year to $416 million.

Its newly created ‘clients and partners’ segment, saw a record number of online subscribers (400,0000 subscribers) and that division delivered 82 per cent of its total group revenue.

Its underlying EBITDA is 11 per cent up this year at $190 million.

Meanwhile, regulators are considering approval of MYOB’s $180 million purchase of Reckon Accountant Group will go ahead.

Shares in MYOB (ASX:MYO) are trading 7.01 per cent lower to $3.05.

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 with a passion for equities and funds management. As Head of News, she has been a broadcast journalist for over seven years, specialising in finance. She has been a journalist with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for regional Channel 7 and 9. She also previously worked as a financial planner and real estate agent.