TechnologyOne Limited (ASX: TNE) expects to achieve recurring revenue of AUD 500mn by FY26

Fri 14 Jul 23, 11:44 AM | Team Kalkine

Image source: © Jirsak | Megapixl.com

Highlights

TechnologyOne offers SaaS ERP solutions to businesses to assist them in transforming the way they get connected with their customers.

SaaS annual recurring revenue increased by 40% year-on-year in 1HFY23.

By FY26, the company intends to achieve annual recurring revenue of AUD 500 million.

TechnologyOne Limited (ASX: TNE) is a software and services company offering SaaS ERP solutions that empower businesses to transform how they communicate with their clients and customers. TechnologyOne solutions run on a single code line and therefore offer significant economies of scale to its customers.

In the first half of the financial year 2023 (1HFY23), the company registered a 16.9% rise in revenue over the previous corresponding period to AUD 201 million. The profit after tax increased by 24.5% year-on-year to AUD 41.2 million. Meanwhile, its SaaS annual recurring revenue jumped 40% year-on-year in the first half of FY23. As per the company, this growth was driven by the continuous demand for SaaS ERP solutions. The number of large-scale enterprise SaaS customers surged by 27% during the period.

Net margin increased to 20.5% in 1HFY23, compared to 19.3% in 1HFY22. However, the EBITDA margin dropped to 34.8%, compared to 35.3% in the previous corresponding period. Here are other key financial metrics of TNE since FY21:

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