The company’s annual recurring revenue was $393 million and it was on track to reach $500 million by 2025, a year earlier than expected. Total revenue was $414 million.

The better than expected result meant the company would pay out a special dividend of 3 cents a share on top of the final dividend of 11.9 cents. For the full year the payout was 19.52 cents.

Chief executive Ed Chung said the confidence the company had meant it had made additional investments in its growth pillars which would allow it to double in size every five years beyond the $500 million in annual recurring revenue.

“With significant cash and investment holdings of $223 million and no debt, our balance sheet retains the flexibility and strength for inorganic growth in the future,” Chung said.

He said there were 25 major deals in the local government sector during the year and five in government sector.

“We have successfully completed our transition from an on-premise legacy licence business to a software as a service business. Our plan to reduce on-premise legacy licence fees from a high of circa $75 million to zero over five years is complete. We have aggressively grown our SaaS recurring revenue business to replace that revenue, delivering increased earnings every year,” he said.

“The average ARR from our customers has grown from $100,000 in full year 2012 to almost $400,000 in full year 2023.”