MYOB Back In Black: SMB Biz Spurs $90Mil. Turnaround
It’s turnaround time at accounting software market leader MYOB. The company yesterday reported an interim net profit of $26 million for the six months to June 30, compared to a loss of $65m in the same period last year – in all a $90 million-plus turnaround
Revenue for the six months came to $178 million, up 10.9 percent. chief executive Tim Reed said the turnaround comes as MYOB continues to see solid uptake of its platform in the small-medium business space, with 8 per cent growth in paying SME users to 570,000.
The online subscriber base was up 41 percent at 200,000. Reed said MYOB now intends to invest more deeply in its software platform, with investment set to top earlier guidance of 13-16pc of revenue.
MYOB this week has also taken a gentle snipe at its NZ-based competitor Xero, which recently announced a move into Amazon Web Services technology.
“Xero’s a bit late to the game here. MYOB has been on AWS since 2011,” said MYOB engineering and experience GM Adam Ferguson in a media release.