MYOB reports 1H $161m revenue

MYOB (ASX: MYO) has reported revenue of $161 million for the six months to June 2015.

Ninety four per cent of this revenue was recurring, the company said.

Earnings before interest, tax, depreciation and amortisation (EBITDA) were $72 million while net profit after tax (NPAT) was $40 million.

MYOB reported 150,000 SME cloud subscriptions to August and 528,000 paying customers.

MYOB re-listed on the ASX in May. It was listed on the ASX from 1999 to 2009 when a private equity consortium led by Archer Capital completed a takeover bid for MYOB, returning it to private ownership.

In August 2011, MYOB was acquired by Hong Kong-based software investor Bain Capital from the consortium for $1.2 billion.

CEO Tim Reed said there was always going to a lot of attention put on the first results.

“I am delighted that not only have we delivered on expectations but we have exceeded them,” the CEO said.

He added that MYOB is investing 13 to 16 per cent of its revenue in cloud computing products.

“We plan to take the very popular BankLink product to the cloud in the future so that accountants can leverage the same functionality they love with all the benefits of working online,” said Reed.

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Copyright © 2015 IDG Communications, Inc.

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