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.