MYOB Group Limited (ASX:MYO) have successfully met growth expectations, recording a record uptake of cloud solutions amongst SME’s in the half year to June 2015.
The company’s half year pro-forma operating revenue from continuing operations for the half year ending 30 June 2015, came in at $160.7 million, up 8.0 per cent on the pcp. Pro-forma EBITDA from continuing operations came in $71.7 million, up 12.7 per cent on the pcp and pro-forma net profit after tax came in at 19.8 million, up 39.4 per cent on the pcp.
The company’s statutory results include significant expenses relating to the ASX listing and the changes to MYOB’s capital and funding structure. In the ASX listing prospectus, the company reported financial results and forecasts on a pro-forma basis, reflecting the impact of the operating and capital structure in place following completion of the IPO. Additionally, other adjustments are made to pro-forma figures to reflect the impact of historical acquisitions and divestments, to eliminate non-recurring items and to reflect standalone public company costs.
Statutory operating revenue from continuing operations came in at $160.8 million, up 14.1 per cent on the previous corresponding period (pcp). Statutory EBITDA came in at $47.5 million, down 14.3 per cent on the pcp and the statutory net loss after tax came in at $65.0 million, compared to the pcp’s loss of $29.2 million.
The half year results mark MYOB’s first results after listing on the ASX in May. CEO, Tim Read commented, “There was always going to be a lot of attention put on these first results pot on our successful IPO and I am delighted that not only have we delivered on expectations, we have exceeded them.”
Following the company’s IPO in early May, it’s share price has declined over 20 per cent. Today’s results and the reconfirmation of full year forecasts, will likely boost investor interest and cause some growth in the company’s share price.
Author: Ben Visser
Aug 27, 2015
Ben is a Wise-owl equity analyst focusing on ASX blue-chips stocks. Ben has a Bachelor of Business in Finance majoring in property valuations and management. In his role at Wise-owl Ben conducts in-depth fundamental and technical analysis which helps him to find profitable investment opportunities on the ASX and abroad.