OPEN BORDERS STAFFING ‘BOOST’
AUSTRALIA’S freshly opened borders will help one of the nation’s largest tech companies TechnologyOne ramp up its hunt for talent, its chief executive Ed Chung says, after the company posted a profit jump of 19 per cent for the financial year.
For the 12 months ended September 30 the Brisbanebased TechnologyOne posted profits before tax of $97.8m on Tuesday – up 19 per cent year-on-year – while total revenue climbed by 4 per cent to $312m. It posted a net profit of $72.7m.
“I‘m really happy with these numbers, and it’s been nothing to do with acquisitions or anything else, it’s been total organic growth,” Mr Chung said. “Announcing the end of on-premise and converting to SaaS (software-as-a-service) has been a watershed moment for us, and it really draws a line in the sand for our remaining on-premise customers.
“We’ve given them plenty of time, it’s three years to make the transition to SaaS, but we’re very confident now that we have a path to achieve our ambitious goal of $500m in annual recurring revenue by FY26.”
The results capped off a strong year for the business, which secured deals with Oracle, SAP, Microsoft, Tribal and Workday. TechnologyOne also lifted its dividend for the full year to 13.91 cents per share, up 8 per cent on the prior year.
Mr Chung said the easing of border restrictions would be a further boost for his company’s fortunes. “It will help, and we’ve started talking to some people now from overseas locations about relocating in Australia,” Mr Chung said.
Shares in TechnologyOne slipped by 2.68 per cent to close at $12.55, giving it a valuation of $4.04bn.