Thursday, 25 February 2016 12:04

MYOB boosts profits with growth in all business areas

By
Tim Reed, MYOB Tim Reed, MYOB

Cloud accounting software provider MYOB (ASX:MYO) has recorded a net profit of A$86 million for the 2015 financial year, an increase of 22% on 2014.

Revenue for 2015 was A$328 million, a lift of 10% on the full year 2014, while earnings before interest, tax, depreciation and amortisation (EBITDA) was up 19% to A$153 million.

CEO Tim Reed says the revenue performance reflected strong growth across all segments of the business and he was confident about the year ahead.

“2015 saw MYOB return to the ownership of public investors, undertaking the largest technology IPO in the history of the ASX. We enter 2016 with great momentum.

“We believe the accounting industry is transforming, with transaction processing, compliance and advisory services converging into one connected business process. We see this transformation and are preparing by developing a MYOB single platform, which will offer accountants, bookkeepers, small businesses and their consultants unparalleled ability to drive business success.”

MYOB declared a final dividend of 5.0c a share, which it says reflects the company’s “pleasing results, strong cash flow and forward growth pipeline”.

Business unit results were:

SME Solutions (63% of total revenue)

•    Revenue up 14% to A$205 million (FY14: $180 million), including from the acquisitions of Ace Payroll and IMS

•    Organic revenue up 12% to A$202 million, driven by strong uplift in recurring revenue and growth in online users

•    Online users up 46% to 170,000, driving:

        -     8% growth in the Paying User base to 545,000

        -    high and stable retention rates of 80%, and

        -    5% growth in Average Revenue per Paying User (ARPU) to $379 per year

MYOB Chief Financial Officer Richard Moore said the company had made record investment in 2015 in technological innovation “while delivering double digit pro forma revenue, EBITDA and NPATA growth, all exceeding IPO forecasts”.

“In 2016 we continue our strategy of targeted investment for future growth and reaffirm June 2016 prospectus guidance.”

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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