MYOB reports big boost to 2005 balance sheet

Stan Beer
Thursday, 01 September 2005 05:46

IT Industry - Listed Tech

Accounting software vendor, MYOB Limited (ASX:MYO), has announced a strong lift in its half year results, including big increases in revenues and net profit.

The company's operating revenue of $86.8 million for the half ended 30 June 2005 was up by 73% compared to the previous corresponding half, driven by the merger with Solution 6 which completed in the second half of 2004. MYOB's EBITDA also increased by 73% to $31.1 million, up from $18.0 million in the prior half year. Net profit after tax increased  by 93% from $5.5 million in 2004 to $10.6 million for the half ended 30 June 2005.

In reviewing the results, Craig Winkler, MYOB's CEO said, 'Our results for the half year are pleasing with solid organic growth augmented by revenue from the merged Solution 6 businesses. Excluding the effect of the merger our group's revenue grew by 8.5%. Revenue from our Australian Business Division grew by over 10% and we had double digit organic revenue growth in New Zealand and Asia.'

Winkler continued, '2005 is a significant year for our company. We are a much larger organisation than we were at the same time last year, and our results demonstrate our capacity to successfully manage ongoing growth - to the benefit of both our customers and our shareholders. We've provided the consistency we promised MYOB customers at the time of the merger, and have the client satisfaction metrics to prove we're delivering the enhanced experience promised to our new customers from Solution 6. The integration process has been successful and MYOB is a strongly aligned business today.'