SYDNEY, AUSTRALIA: Technology One Ltd (ASX: TNE), a leading provider of enterprise software solutions, today conducted its Annual General Meeting and announced its financial results for the fiscal year 2023.

The company achieved a total annual recurring revenue (ARR) growth of 23%, reaching a record $392.9 million. Its profit before tax (PBT) also increased by 16%, hitting a record $129.9 million.

According to a financial news announcement, company beat its guidance of 10%-15% PBT growth, demonstrating its strong performance and resilience amid the challenging market conditions.

Technology One also declared a dividend of 19.52 cents per share, up 15% from the previous year. The dividend is franked to 60% and will be paid on March 31, 2024.

The company has a payout ratio of 62% and has paid dividends every year since 1996. The company’s strong balance sheet, with significant cash holdings retained for inorganic growth, supports its dividend policy.

The company also shared its outlook for the fiscal year 2024, stating that it will continue to double in size every five years and is on track to surpass $500 million ARR by FY25. The company expects to see strong ARR and profit growth in FY24, driven by its competitive advantages in the markets it serves, such as local government, higher education, and government.

Technology One highlighted its Global SaaS ERP solution, which allows its customers to innovate and meet the challenges ahead with greater agility and speed, without having to worry about underlying technologies, making life simple for them.

The company also mentioned its SaaS+ offering, which is creating significant opportunities for the company by providing additional value-added services to its customers.

The company said that its pipeline for 2024 is strong and that it will provide further guidance at both the Annual General Meeting and with the first half results.