TechnologyOne absorbs lower profits to keep R&D program

 

Whilst revenue increased.

Correction: This article originally said that TechnologyOne absorbed a "loss" to keep its R&D program. TechnologyOne still reported a profit of $15.684m, albeit a smaller profit than in the previous financial year. iTnews apologises for this error. 

One of Australia's largest software developers, TechnologyOne, has reported bumper sales revenue for the year ended September 30, dampened by lower profits.

The company's revenue was up 11 percent, whilst profits were down 9 percent

Executive chairman of TechnologyOne, Adrian Di Marco, said that the loss reflects "delayed" contract wins, a continuing commitment to investment in research and development and a "significant increase" in its cost base from growth the company experienced in the previous year.

"In the prior year revenue increased 41 percent and expenses increased by 47 percent, as we continued our substantial R&D program," Di Marco said.

Di Marco also said TechnologyOne's increased its licence fees to prevent it from having to cut back its R&D program.

"TechnologyOne has taken a long term strategic view that has seen all our R&D projects continue, with no staff reductions," said Di Marco.


TechnologyOne absorbs lower profits to keep R&D program
 
 
 
Top Stories
 
 
IAG hands digital chief his own ‘Labs’ division
Enterprise ops chief squeezed out in restructure.
 
 
Sign up to receive iTnews email bulletins
   FOLLOW US...
Latest Comments
Polls
Should law enforcement be able to buy and use exploits?



   |   View results
Yes
  14%
 
No
  51%
 
Only in special circumstances
  17%
 
Yes, but with more transparency
  18%
TOTAL VOTES: 801

Vote