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After the hack, TechOne boosts profit and tips strong year

Business

Brisbane’s Technology One has posted a 24 per cent increase in its profit for the first half but has not provided any update on the hacking of its back office Microsoft system recently.

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It is the company’s 14th consecutive record result of $41.3 million.

It has forecast growth in its net profit for the full year to be up between 10 and 15 per cent and said it was on track to surpass annual recurring revenue of more than $500 million by 2026.

It would pay out a 4.62 cents a share dividend to shareholders, an increase of 10 per cent.

Chief executive Edward Chung said the company’s software as a service (SaaS) business continued to grow strongly.

“We saw an acceleration of customers move to our global SaaS ERP (enterprise resource planning)solution with more than 189 large enterprise customers committing to make the shift in the past 12 months, the highest number to date for any comparable period,” Chung said.

“These are strong half-year results for Technology One and validate the strength of our SaaS strategy, which continues our strong trajectory in both Australia and the UK.”

He said net revenue retention of 115 per cent was likely to be met for the full year.

“We expect strong growth for the full year 2023 and the company sees significant growth opportunities in coming years,” Chung said.

“As we continue to win more customers and our SaaS platform continues to scale globally our profit margin will continue to expand.”

The company last reported on its hacking incident earlier this month when it said appointed leading security and forensic experts to work through containment measures.

Its customer-facing platform was not affected.

 

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