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RECKON SALES UP, NET DOWN Featured

Clive Rabie, ReckonAustralia-based Reckon—battling in the low-cost software market in Australia, New Zealand and the United Kingdom—reported a 33.9-percent drop in earnings on a 6.4-percent rise in revenue for the half ended June 30. Reckon, the former QuickBooks distributor in Australia, competes with MYOB and Xero in Australia and New Zealand and in May introduced its Reckon One in the U.K., where it battles against Xero and Sage.

But in the United States, its entries are SmartVault, the document management system purchased this year and nQueue, which provides cost recovery and document scanning and routing applications. Overall, earnings dropped to about $4.7 million with revenue rising to roughly $43.5 million from continuing operations. In an investor presentation, CEO Clive Rabie said Reckon One "has been getting positive early feedback already, and is showing exponential month on month growth." In the document management business with the addition of SmartVault, sales there increased by 45 percent to about $5.6 million. Reckon says plans to merge SmartVault with its Virtual Cabinet in one cloud platform are on track. It also reports SmartVault growth exceeded expectations. "We're aiming to become leaders in how businesses and professionals collaborate with documents, and manage customers," Rabie said about ambitions there.

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