TechnologyOne strong FY24 performance

TechnologyOne (ASX:TNE) has released its full-year results for the financial year ending 30 September 2024. The company reported an 18% rise in profit before tax to $152.9 million and a 20% growth in annual recurring revenue (ARR) to $470.2 million. A key driver was the company's SaaS+ model, which significantly boosted UK sales ARR.

Comprehensive overview of FY24 results

TechnologyOne has demonstrated strong growth in FY24, driven by its SaaS+ offerings and expansion in the UK market. The company achieved an 18% increase in profit before tax to $152.9 million and a 20% rise in ARR to $470.2 million. Key achievements include a 70% increase in UK sales ARR and an overall profit after tax growth of 15% to $118 million. Strategic developments such as the acquisition of CourseLoop for $60 million and continued investment in R&D are set to support future growth. With a long-term target of achieving $1 billion+ ARR by FY30, TechnologyOne aims to double in size every five years. The company also plans to surpass $500 million+ ARR by the first half of FY25, with a focus on expanding its footprint in the APAC and UK markets.

Executive insights on company performance

Our performance this year is a testament to the strength of our SaaS+ model and the strategic investments we have made in expanding our UK operations. The 70% increase in UK sales ARR highlights our growing presence and the effectiveness of our innovative software solutions in addressing customer needs. We remain committed to our mission of simplifying life for communities through technology and are excited about the opportunities that lie ahead.