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 is a senior finance journalist and presents bulletins including the Market Outlook, Market at Midday and Market Wrap. She also interviews ASX CEOs and leading fund managers. She joined FNN in January 2017 with over six years of broadcast journalism experience including with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for Prime 7 and WIN News. Jessica has worked in financial planning for over six years with leading wealth managers and in real estate.