MYOB Takes Care Of Business: Profit Jumps 13pc To $28mil.
Accounting software outfit MYOB has reported after-tax profit of A$28.3 million, up 13 percent year-on-year, for the first six months of the 2017 financial year. Revenue was up by some 14.4 percent at $204 million.
Small-medium business user numbers were up five percent at 601,000, the ASX-listed company said. There are a claimed 306,000 online users, up 53pc, with the sector accounting for 62 percent of total revenue at $126.4 million.
CEO Tim Reed said the business has invested a record amount of $32.7 million in R&D, and intends to continue growing this figure to build out MYOB’s vision of the “connected practice”.
“Going forward there won’t be separate products for accountants, small and medium-sized enterprises, and advisers. Everyone will be on one platform,” he has said.
MYOB also announced a share buy-back, for 5 per cent of the company’s issued capital. This follows a sell-off by the company’s largest shareholder, US-based Bain Capital, which sold 100 million shares to Goldman Sachs in February, reducing Bain’s stake to 39.1 percent.