technology one (ASX:TNE) reported pre-tax income of $152.9 million for the year ending September 30, 2024, an 18% increase from the prior year. The results exceeded previous expectations for 12-16% growth, and the company’s profits, revenue, and SaaS fees hit record highs for the 15th consecutive year.

Headquartered in Brisbane, TechnologyOne is Australia’s largest provider of software for managing complex organizational processes. Its cloud-based platform helps more than 1,300 clients, including businesses, government agencies, Congress, and universities, streamline their operations. This includes managing budgets, tracking assets such as buildings and vehicles, managing payroll, and even overseeing university processes such as student admissions and course scheduling.

Annual recurring revenue (ARR) increased 20% to $470.2 million due to the success of the company’s SaaS+ model and rapid adoption in the UK. TechnologyOne’s UK ARR increased 70% to $8.7 million, bringing total UK ARR to $34.7 million.

CEO Edward Chung said: “Our 20% ARR growth and 18% profit growth is driven by the significant value proposition of our global SaaS ERP solution to new and existing customers. The SaaS+ model has been a game changer.” Chung says Mr.

This year’s highlights include:

• Total revenue increased 17% to $515.4 million, with SaaS and recurring business contributing $466.3 million.
• Net revenue retention was 117%, exceeding the long-term goal of 115%.
• After-tax profit rose 15% to $118 million.
• The company strengthened its balance sheet with $278.7 million in cash and investments, an increase of 25%.

The company also announced an ARR target of $1 billion by fiscal 2030 based on its accelerated trajectory. With the acquisition of CourseLoop, a leader in curriculum management, TechnologyOne further strengthens its higher education offerings by positioning itself as the world’s first full-student lifecycle SaaS provider.

Technology One stock rose 10.05% to close at $29.45.