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Cloud subscription key as MYOB exceeds financial forecast

Cloud subscription key as MYOB exceeds financial forecast

“There was always going to be a lot of attention put on these first results post our successful IPO."

Cloud accounting provider MYOB has delivered on paying user and cloud subscription growth expectations, reporting a record uptake of cloud solutions amongst SMEs in the 6 months to June 2015.

The company has reported pro forma EBITDA of $72 million, up 14 percent year on year and revenue of $161 million, up eight percent year on year.

In addition, 94 percent of 1H 2015 revenues are of a recurring nature with the recurring revenue growth achieved by 10 percent growth in the paying user base, high retention rates driven by growth in the number of cloud users and 5 percent growth in SME ARPU.

The figures have been shared today in the company’s 2015 Half Year Results; the first since MYOB listed on the ASX in Australia’s largest ever technology IPO in May.

“There was always going to be a lot of attention put on these first results post our successful IPO and I am delighted that not only have we delivered on expectations, we have exceeded them,” says Tim Reed, CEO, MYOB.

Reed says the company has continued its transformation from long-standing software provider to a provider of innovative cloud accounting solutions for micro to mid-tier businesses in the first half of 2015.

Among the highlights are the launch of MYOB Advanced, the first cloud-based ERP solution developed in Australasia, and the successful launch of MYOB smart bills in MYOB AccountRight Live.

“We have invested over $115 million in research and development in the past three years and the R&D strategy we are executing on is proving extremely successful as we continue to make business life easier for Australian and New Zealand businesses,” Reed adds.

“We are investing 13 to 16 percent of our revenue to drive innovation in the cloud. For instance, we plan to take the very popular BankLink product to the cloud in the future so that accountants can leverage the same functionality they love with all the benefits of working online.

“We are already at the centre of a connected SME / Accountant ecosystem and we want to continue to make that ecosystem one that makes business life easier for all our clients.”

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