PROFIT INCREASE FOR BRISBANE'S TECHNOLOGYONE

PROFIT INCREASE FOR BRISBANE'S TECHNOLOGYONE

ASX-LISTED TechnologyOne (ASX:TNE) today announced a 14 per cent jump in net profit to $20.3 million for the year ending September 30, 2011.

The Fortitude Valley-headquartered software company’s revenue increased 15 per cent to $156.7 million off the back of record revenues and licence fees during the period.

Executive chairman Adrian Di Marco (pictured) claims the company invested a record $31.8 million in research and development this year, representing 20 per cent of overall revenue.

“We are providing our customers with a simple and evolutionary path to the exciting new paradigm of cloud computing,” he says.

“Cloud is the future and TechnologyOne has committed substantial resources to ensure our customers can take advantage of the benefits the Cloud offers, while still using their existing systems. We are very excited to be unveiling our complete cloud offering at (the) Evolve user conference in February 2012.”

Di Marco believes the company’s investment in a new preconfigured solution business is bearing fruit.

“We are already starting to see some major successes, which is producing a significant revenue stream including 28 new customers who have signed up for these preconfigured OneSolutions,” he says.

“More than $11 million worth of licensing and consulting fees have been secured as a result of the release of the new software solutions.”

Di Marco is upbeat about future prospects, pointing to work underway on new mobile solutions and an offshore development centre.

“TechnologyOne has built a suite of enterprise products that puts us in an elite group of software companies globally and we are continuing to use new technologies to gain an advantage over our competitors. We remain confident in our opportunities for 2012 and of continuing growth in the long term,” he says.

The company has agreed to pay final and special dividends for the year totalling 6.12 cents a share – up 7 per cent on the previous period.

TechnologyOne shares opened slightly down today at $1.08 per unit.

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