Technology One (ASX:TNE) posts 50% increase in profit

Company News

by Anna Napoli

Software company, TechnologyOne (ASX:TNE) has posted a 50 per cent increase in profit to $76.4 million for the financial year ending 30 September 2019.

Recurring Revenue of $102 million was up 44 per cent.

CEO Edward Chung says the businesse’s total annual recurring revenue has now hit $202m and is set to exceed $500m in FY24.

The company has declared a total dividend of 11.93cps, up 8 per cent.

Technology One will provide further guidance at its AGM .

Shares in Technology One Shares are trading 2.73 per cent lower at $8.01.