Technology

TechnologyOne (ASX: TNE) Shares Surge After First-Half Earnings Beat Expectations

Tue 20 May 25, 06:25 AM |

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Highlights

TechnologyOne Ltd (ASX: TNE) shares surged to a record high following the release of its first-half FY2024 results, trading at A$37.20 as of 03:00 GMT up 12.7% on the day making it the top gainer on the ASX200 index, which rose 0.5%. Th company reported a pre-tax profit of A$81.9 million for the six months ended March 31, 2024 resulting an increase in 18% YoY and above the A$77 million consensus estimate. TechnologyOne forecast strong SaaS demand and cloud transitions for its earnings growth and forecasted 13%–17% pre-tax profit growth for FY2025, though it provided limited detail on revenue or market drivers.

TechnologyOne did not announce any changes to its dividend policy or capital management strategy as part of this earnings update. However, market analysts are expected to scrutinize future guidance considering the company’s recent share price movement and elevated valuation.

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