TechnologyOne full-year profits up 16%

The news: Enterprise software company TechnologyOne has reported an annual net profit after tax of $102.9 million, up 16% for the 2023 financial year.

The numbers: The result beat guidance of 10%-15% growth. Total revenue jumped 19% to $441.4 million. The company's shares initially jumped at the open after the announcement before dropping to be more than 3% lower at $15.90 at around 11.15am AEDT.

The context: TechnologyOne, Australia's largest ERP Software as a Service company, has recorded its 14th year in a row of record profit and revenues. The company says it plans to continue to double in size every five years. It also announced a special dividend of 3c per share in addition to its final F23 dividend of 11.90c per share.