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MYOB focuses on R&D in face of Xero competition

August 27, 2015

Yolanda Redrup
Reporter

Accounting software company MYOB is continuing to invest between 13 and 16 per cent of its revenue in research and development, confident that its cloud product is competitive with arch rival Xero's.

MYOB's client base grew 10 per cent year-on-year to 528,000 paying customers in the first half to June 30, driven largely by new cloud customers.

Speaking to The Australian Financial Review after MYOB posted a net loss for the first half of $65 million, up 122.9 per cent because of one-off costs associated with its May listing, chief executive Tim Reed said newly formed small businesses would be the biggest growth driver for the company.

"When a new business is formed, they're purchasing accounting software much earlier in their life cycle. It's the largest source of growth for our cloud business," he said.


MYOB's revenue from ordinary activities jumped 14.2 per cent to $161 million in the first half.

On a pro forma basis, factoring in the acquisition of PayGlobal in August 2014, revenue was also up 8 per cent and earnings before interest, tax depreciation and amortisation leapt 14 per cent to $72 million.

In the past three years it has invested $115 million on developing its cloud products.

Mr Reed said when comparing MYOB and Xero's similar cloud products, the business was "competing strongly".

"When I stand back and look at our cloud user numbers relative to theirs, focusing on Australia, we have the Accountants Office and Accountants Enterprise and the BankLink product which haven't been released to the market," he said.

"These products make up 40 per cent of Xero's subscriptions. So you find there's healthy competition and we're both competing strongly."

Over a quarter of MYOB's users are now cloud-based.

In the first half it added 26,000 cloud SME subscriptions, bringing the total to 142,000, up 65 per cent year-on-year.

In response to Mr Reed's comments about the competition between Xero and MYOB, Xero chief executive Rod Drury said it had no need to "conflate our numbers with legacy desktop customers".

"Xero has more than 400,000 fully paying subscribers across Australia and New Zealand, and more than 540,000 fully paying subscribers across the globe,"he said.

"In Australia alone we've tripled our customer base to 250,000 fully paying subscribers in two years. We're born and bred in the cloud from day one, so we don't have to conflate our numbers with legacy desktop customers — every one of our subscribers is a paying customer."

In May MYOB acquired New Zealand payroll software company Ace Payroll, and Mr Reed said acquisitions were still on the table as part of its investment in innovation.

Acquisition strategy
"We're very proactive with our acquisition strategy. We look for businesses that fill new components of our overall product strategy, add bulk or scale or accelerate innovation," he said.

MYOB's $833.1 million listing in May was the biggest technology company listing ever on the ASX. Its issue price was $3.65, but its shares have been on a downward trajectory since then, suffering a sharp drop in August in response to global weakness in financial markets.

Morningstar senior equities analyst Gareth James said MYOB was positioned well for future growth.

"MYOB is a really great business because it has incredibly defensive earnings. Most customers stay with them for a long time and they have recurring revenues in the high 90s," he said.

"There were concerns about Xero winning market share – it's grown very quickly, but this result is confirmation that MYOB is very robust and it's growing in the cloud segment very nicely."

Investors were also pleased with MYOB's results, pushing its share price up 7.1 per cent to close at $3.32.

Morningstar, which holds MYOB shares in its portfolios, values the stock at $3.50.

The business did not declare a dividend, but expects to pay one for the six months to December.

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Antwort auf Beitrag Nr.: 54.307.418 von R-BgO am 13.02.17 15:06:07

rund 10%

billiger geworden

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Antwort auf Beitrag Nr.: 56.885.255 von R-BgO am 31.01.18 12:37:02

Zukauf:

Thread: Reckon Ltd.

[haowenshan]

takeover bid from KKR

https://www.smh.com.au/business/companies/myob-announces-1-7…

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