Record Growth in Online Subscribers - On Track to Reach 1 million by 2020
Sydney, Sep 11, 2018 AEST (ABN Newswire) - MYOB Group Limited (MYOB) (ASX:MYO), a leading provider of online business management solutions to Australian and New Zealand businesses is pleased to announce its half year results for the six months ended 30 June 2018.
- Solid half year financial results delivered during investment period; Revenue and underlying EBITDA maintaining growth, up 7 per cent and 3 per cent respectively year on year
- Strong operational growth with online subscribers surging to 492,000, up 61 per cent on prior year and on track to reach 1 million in 2020
- MYOB Platform delivery is accelerating, with new online tools released to market across compliance, tax and advisory in 1H18; MYOB awarded #8 in AFR's Top 100 Most Innovative Companies list
- Lifetime value of SME subscriber base continues to strengthen through improvements in online subscriber numbers, ARPU and retention rates
- Proactive capital management, with dividend and share buyback delivering $69 million of capital returned to shareholders in 1H18
- Accelerated investment strategy in place to drive online growth; FY18 - FY22 guidance reaffirmed
Revenue for the six month period increased to $218.5 million, up 7 per cent on the prior year and underlying earnings before interest, tax, depreciation and amortisation (EBITDA) grew to $92.7 million, up 3 per cent on the prior year. MYOB's preferred measure of after tax profit, NPATA, was $45.6 million, 6 per cent lower than the prior year, with associated NPATA earnings per share of 7.7 cents, 5 per cent below prior year due to higher costs under the investment period.
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About Myob Group Ltd
MYOB Group Ltd (ASX:MYO) is a leading provider of online business management solutions. It makes business life easier for approximately 1.2 million businesses and accountants across Australia and New Zealand by simplifying accounting, payroll, tax, practice management, CRM, job costing, inventory and more. MYOB operates across three core segments – Clients and Partners (business solutions to SMEs and Advisers); Enterprise Solutions (larger businesses) and Payment Solutions. It provides ongoing support through client service channels including a network of over 40,000 accountants, bookkeepers and other consultants. It is committed to ongoing innovation, particularly through its Connected Practice Strategy and through the development of the MYOB Platform. For more information, follow @MYOB on Twitter or visit https://investors.myob.com.au/Investors
Myob Group Ltd