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MYOB says it's 'on track' to hit 1m subscribers by 2020

27 Aug 2018

MYOB has revealed its half year financial results and subscriber numbers and the company says it’s well on track to hit one million online subscribers by 2020.

The company’s revenue has risen 7% to NZ$239.3 million (AU$218.5 million), while online subscriber growth has risen 61% to 492,000.

NPATA After-tax profit has decreased by 6% to NZ$49.2 million (AU$45.8 million).

The company attributes the revenue rise, customer growth and profit decreased to an accelerated delivery of its MYOB Platform, and the rollout of its ‘Connected Practice’ vision.

The company says these efforts have driven efficiencies and savings for both SMEs and advisors, which is reflected by an increase in online SME subscribers, increased customer retention, and an uplift in average revenue per paying user.

MYOB’s CEO Tim Reed says the company is pleased to see that SMEs and accountants are taking advantages of the opportunities that the Connected Practice vision provides.

“Our client-focused innovation continues to drive business improvements and personal rewards for businesses throughout New Zealand and Australia and it is pleasing to see the impact we’re having in helping SMEs and advisers to secure their future in an increasingly digital world.”

Reed adds that the company decided to boost investment in its MYOB platform because of the strong subscriber growth, as well as migrations from its non-paying subscriber base.

He says small business owners and advisers will benefit from online tools and services including automation and real-time data feeds.

The company has also released compliance, tax and advisory features in the last six months. MYOB Advisor is one of those products, which uses AI and natural language generation.

These are coupled with financial data visualisations to help accountants and advisors support clients’ finances and business needs.

“It is exciting to see our investment yielding results for our clients and we look forward to maintaining this momentum and delivering market-leading customer experiences,” Reed continues.

MYOB chief financial officer Richard Moore adds that the growth has been driven by strategic vision for the industry and investment in the MYOB platform.

The company has also seen success in its Enterprise Solutions and Payments segments, which both contributed 17% to total group revenues in the six months ending 30 June 2018.

“We expect to see further growth through our accelerated investment plans, with NZ$87.6 million (AU$80 million) of additional investment into R&D and Sales & Marketing over the next two years,” Moore concludes.

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