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Accounting software provider MYOB has announced a 7 per cent increase in revenue for the first six months of 2018, with almost half a million online subscribers now on board, as well as plans to ditch one of its legacy accounting desktop products.
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Subscription surge, desktop product ditch mark MYOB’s half-year results
24 August 2018
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In its ASX announcement this morning, MYOB announced a $218.5 million revenue for the six months to 30 June 2018, up 7 per cent year on year.
Underlying EBITDA saw a 3 per cent increase from the year before, rising to $93 million, with online subscribers increasing to 492,000, up 61 per cent from the prior year.
MYOB had earlier announced a 10 per cent growth in net profit after tax and amortisation (NPATA) for the year ending 31 December 2017.
This follows a tough few months for MYOB, marked by an abandoned deal with Reckon to acquire its accountants group.
“The first six months of 2018 [have] seen exceptional growth in our online subscriber base, reaching almost 500,000 online subscribers,” said MYOB chief executive Tim Reed.
“The continued momentum in online subscriber growth, including both newly formed SMEs and migrations from our non-paying subscriber base, supports our decision to accelerate investment in the MYOB Platform, which features industry-leading online tools, real time data feeds and automation delivering greater efficiencies for small business owners and their advisers.”
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MYOB will also allocate $50 million over the next two years to research and development in a bid to accelerate its new online Adviser and SME products.
Further, an additional $30 million will be invested in sales and marketing over the next two years, as it looks to increase the rate of referrals from its base of accountants and bookkeepers.
Also, as reported earlier today, MYOB is also set to ditch support services and development for the desktop version of its AccountRight software, AccountRight Classic, from September 30 next year.
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