Technology One records half year revenue of $90m

Revenue up but profit before tax down 10 per cent

Technology One (ASX: TNE) has reported a revenue of $90 million for the half year ended 31 March 2015.

This was up slightly on the same period in 2014 when the company posted a revenue of $87.6 million.

Profit before tax was down from $12.8 million to $11.4 million due to a cloud computing loss of $1.6 million.

"TechnologyOne Cloud grew strongly in the first half, with annual contract value up 100+ per cent to $4.1m," said Technology One executive chairman Adrian Di Marco.

"We are on target to have 80 customers by December 2015, with Annual Contract Value of $8+ million, which will be up another 100 per cent."

The company recently signed up New Zealand’s Wellington city council, Tasmania’s Glenorchy council and AsureQuality as customers.

In addition, the company was added to the federal government’s cloud services panel in April.

Di Marco said the company was forecasting 10 to 15 per cent profit growth over the full year 2015 based on sales forecasts.

In May, it acquired Australian spatial data software firm Digital Mapping Services for $12 million.

Technology One will offer the software to its local and state government customers.

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