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Reckon has announced its half-year financial results, revealing revenue growth of 6 per cent on the back of a growing customer base.
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Strong customer growth boosts revenue for Reckon
10 August 2016
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Reckon had strong new customer growth across all divisions, particularly in online products and subscription revenue, which grew by 16 per cent to $36.3 million, and had revenue growth of 45 per cent for its document management business.
Reckon stated existing EBITDA growth of 5 per cent and remains on track for EBITDA guidance, achieving $18.5 million in the first half of the year.
It also said that its transition to a subscription model is now mostly complete, with 78 per cent of available revenue currently subscription-based.
Reckon chief executive Clive Rabie said it is well positioned to take advantage of substantial market opportunities.
“Our international expansion has been validated and is showing 11 per cent underlying growth,” he said.
“In the first half we ramped up our geographic expansion for document management, launched Reckon One into the UK market and expanded on an already impressive customer list in practice management.”
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Mr Rabie further added that, following Reckon’s recent investment in software application Reckon One, SME take-up is gaining momentum.
“We are delivering on our strategic focus to bring low-cost, premium online accounting software to millions of small businesses globally,” he said.
“The recent launch of Payroll in Australia has resulted in increased customer retention and growth.”
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