Accounting software business Myob Group Ltd (ASX: MYO) released its full year financial report to investors on Friday, showing a 16% increase in profit.
Myob Group Ltd is the accounting software business, specialising in developing applications for tax agents and bookkeepers.
Here are the key news stories from the Myob Group full year report:
- Revenue rose 12% to $416 million
- Profit rose 16% to nearly $61 million
- A dividend of 5.75 cents per share was declared
- The number of online subscribers rose 60% to 399,000
“I am pleased to report a great set of financial results for the 2017 financial year,” CEO Tim Reed said. “The past year has been an exciting one in terms of the growth trajectory and expansion into new markets.”
In November, Myob Group announced a takeover offer for Reckon Limited’s (ASX: RKN) accountant business for $180 million. “We are excited by the opportunity that this acquisition will bring, and await a decision from the Australian and New Zealand competition regulators, expected in 2Q18,” Mr Reed added.
Looking ahead, 2018 appears bright for Myob Group, Mr Reed said. “Our outlook for FY18 remains positive, with a regulatory decision on the acquisition of Reckon’s Accountant Group assets expected in 2Q18.”
In its 2018 financial year, Myob Group expect to achieve organic revenue growth of between 8% and 10%. With the addition the Reckon’s Accountant Group, Myob believe they will achieve revenue growth of between 14% and 16%.
“In addition, we will continue to pursue growth and investment opportunities whilst maintaining capital efficiency,” Reed added.
“With the acquisition of Reckon’s Accountant Group assets, we expect acquisition transaction and integration costs (including accelerating Platform development) to be in the range of $15 million to $20 million in FY18.”
Join Rask’s Investor Club Newsletter Today
You can join Rask’s FREE investor’s club newsletter today for all of the latest news and education on investing. Join today – it doesn’t cost a thing. BUT, you’ll need a good sense of humour and a willingness to learn.
Keep Reading
Disclaimer: This article contains general information only. It is no substitute for licensed financial advice and should not be relied upon. By using our website you agree to our Disclaimer & Terms of Use and Privacy Policy.
