CEO Tim Reed said in this week's earnings webcast that "The numbers capture the high performance we had during the year." The company is happy with its MYOB Advanced, which is based on Acumatica. There were 100 users of that application, introduced in January 2015, by the end of the fiscal year. Reed promised the company will continue to invest, probably at the higher end of range 13 per cent to 16-percent of revenue it has said it will spend on R&D. MYOB is quickly moving products to the cloud and Reed said that 78 percent of new clients are coming to the company via online applications, up from 25 percent three years ago. Reed said the company has invested in making the online migration easy for the installed base with accountants simply dragging and dropping ledgers to make the transition. Reed said that this year there will be an emphasis on moving practice applications online with the launch of an online version of the Practice Ledger. He estimated about 2 percent of practice ledgers are online.
MYOB STRONG IN FIRST PUBLIC YEAR Featured
Australia-based software vendor MYOB returned to public financial reporting in first half of June 2015 and finished the year with strength. Net profit after tax for the year ended December 31 was roughly $62.2 million, an increase of 22 percent over the prior year while EBITDA pulled in at approximately $110.7 million, a 19-percent rise. Revenue was about $237 million for fiscal 2015, an increase of 10 percent over 2014. MYOB, owned by Bain Capital, had been a privately held company for several years.
