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.