{"id":95803,"date":"2017-11-22T09:08:49","date_gmt":"2017-11-21T22:08:49","guid":{"rendered":"http:\/\/smartoffice.com.au\/?p=95803"},"modified":"2017-11-22T09:08:49","modified_gmt":"2017-11-21T22:08:49","slug":"techone-banks-record-58m-profit-cloud-business-jumps-69p","status":"publish","type":"post","link":"https:\/\/staging.strixdevelopment.net\/smartoffice\/2017\/11\/22\/techone-banks-record-58m-profit-cloud-business-jumps-69p\/","title":{"rendered":"TechOne Banks Record $58m Profit As Cloud Business Jumps 69p"},"content":{"rendered":"

BRISBANE \u2013 Brisbane-based TechnologyOne has announced a record net profit before tax of $58 million for the year to September 30, driven by what CEO Edward Chung, pictured, calls the company’s “cloud first, mobile first” strategy.<\/p>\n

Revenue was $273 million, up 10 percent over last year \u2013 and also setting a new record.<\/p>\n

There has so far been no resolution of the company’s dispute with Brisbane City Council (BCC) which earlier this year served TechOne with a claim for damages in excess of $50 million, after terminating a contract awarded to TechnologyOne in 2015 to replace 13 of the council’s core IT systems.<\/p>\n

\"\"<\/a>
\nTechOne responded with similar claims against the council. It has subsequently blamed the council for delays in the project, including BCC under-estimating the scope of its business processes.<\/p>\n

TechnologyOne CEO Chung said the company had seen strong continuing sales in local government, with no impact from the conflict with BCC on its sales pipeline.<\/p>\n

TechOne said its cloud-based business had risen 69 per cent to $27 million in the latest year, and is on track to reach $143 million of ACV (actual contract value) \u00a0by 2022.<\/p>\n

TechOne added 112 new customers to its cloud business in the reporting year, and now claims more than 270 enterprise customers on its cloud platform. Total annual subscription revenue was $139 million, up 17 percent,<\/p>\n

Chung was in triumphant mode. “TechnologyOne continued to dominate in the local government sector, where we closed 10 new major deals totalling $40 million in contract revenue in the last quarter across Queensland, NSW, Victoria, South Australia and WA,” the CEO said.<\/p>\n

He added that the company had secured 240 new deals across Australia, New Zealand and the UK in FY17 in local government.<\/p>\n

Tech One shares closed at $5.27 on the ASX yesterday, up 0.38 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"

BRISBANE \u2013 Brisbane-based TechnologyOne has announced a record net profit before tax of $58 million for the year to September 30, driven by what CEO Edward Chung, pictured, calls the company’s “cloud first, mobile first” strategy. Revenue was $273 million, up 10 percent over last year \u2013 and also setting a new record. There has … Read more<\/a><\/p>\n","protected":false},"author":47,"featured_media":95805,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[51,69],"tags":[673,674,675],"class_list":["post-95803","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-marketing","category-news-archive","tag-asx","tag-brisbane","tag-technologyone"],"yoast_head":"\nTechOne Banks Record $58m Profit As Cloud Business Jumps 69p - Smart Office<\/title>\n<meta name=\"description\" content=\"BRISBANE \u2013 Brisbane-based TechnologyOne has announced a record net profit before tax of $58 million for the year to September 30\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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