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Technology One profit drop

25.05.2009
Listed enterprise technology vendor Technology One has announced its results for the half year ending March 31, 2009. Total revenue for the half increased 13 per cent, or $6.4 million, to $55.9 million, while total license fees were up 10 per cent, or $1.2 million, to $13.3 million.

Profit for the half year was down a substantial 45 per cent, or $4 million, to $4.96 million compared to the same period last year.

The company stated that the profit drop was due to the flow-on effect from what it described as substantial growth the previous year. Expenses for the half were also up 26 per cent, while revenue was up 13 per cent.

"This was the result of significant investments that we began in 2008 to support the organisation's continued growth, which we highlighted at the Annual General Meeting in February," said Technology One chief executive Adrian Di Marco.

"Over the full year, expenses will track down to be within the 15 per cent to 18 per cent growth range, which will have a significant impact on achieving the company's full year guidance."

Di Marco said that one of the clear outcomes of the current financial environment is that companies are looking to drive greater efficiencies and are looking to reevaluate their ERP supplier relationships.