Technology One's impressive FY24 results

Technology One (ASX:TNE), Australia's largest ERP SaaS company, has announced impressive financial results for the fiscal year ending September 30, 2024. The company reported an 18% increase in profit before tax and a 20% rise in Annual Recurring Revenue (ARR), marking its 15th consecutive year of record profit, revenues, and SaaS fees.

Technology One's growth strategy and future outlook

Technology One has achieved a remarkable financial performance in FY24, with an 18% increase in profit before tax and a 20% rise in ARR. The company's growth was fueled by its innovative SaaS+ offering and successful expansion in the UK market. By acquiring CourseLoop, Technology One has enhanced its OneEducation solution, integrating curriculum management capabilities. Looking ahead, the company aims to achieve over $1 billion in ARR by FY30 and double its size every five years. With a strong focus on recurring revenue, new product innovations, and strategic market expansion, Technology One is well-positioned for sustained growth and international success.

Executive insights on financial performance

We are delighted to report another year of record financial performance. The growth in our SaaS+ offering and significant progress in the UK market underline our strategy to double in size every five years. Our acquisition of CourseLoop aligns with our goal to enhance our OneEducation solution, making us the first SaaS platform to cover the entire student lifecycle. We are committed to achieving over $1 billion in ARR by FY30.