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MYOB announces record half-year result

MYOB has reported revenue of $140 million for the six months to June 2014, up 21 per cent on its previous year's first-half performance.

News Michael Masterman 26 August 2014
— 1 minute read

In the same period operating expenses were up just 11 per cent while EBITDA improved by 29 per cent to $70 million.

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MYOB chief executive Tim Reed said the double-digit growth reflects continued sales momentum in MYOB’s cloud and mobile solutions.

“Usage of MYOB accounting software is more than four times our nearest competitor,” said Mr Reed.

“In the first half of this financial year, we continued to capitalise on this strong base with rapid adoption from new and existing clients, with 63 per cent of new clients in June choosing cloud products and more than 86,000 paying subscribers using these solutions,” he said.

Mr Reed attributed the result to ongoing investment in talented people and research and development.

“With a $40 million investment in R&D this financial year, we have continued to expand our cloud offerings to meet the evolving needs of small and medium businesses.”

“MYOB also continued to invest in talented people, with the business adding 100 new jobs over the past six months to meet rising client demand for an expanding product suite.”

“The recently announced acquisition of PayGlobal has doubled our presence in the mid- to large- sized business market in Australia and New Zealand. It is a complementary offering to MYOB EXO, and in early 2015, we expect to introduce a new cloud-based business management system for larger enterprises."

“We are excited by its development as it will help growing businesses to become more flexible and mobile,” Mr Reed said.

MYOB announces record half-year result
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