Shares in Myob Group Ltd (ASX: MYO) hit a 52-week low at $3.04 today following the release of full year results, before springing back to $3.28, just below yesterday's closing price.
The company reported NPAT up 16.3% to $60.7 million, and revenue up 12.4% to $416.5 million. The final dividend will remain unchanged from last year's interim's distribution of 5.75 cents per share.
Myob provides enterprises and advisers with online solutions for accounting, payroll, tax and other services. Revenue growth in FY 2017 was partly driven by the company's core SMEs segment, with a 6% increase in the number of paying users and average revenue per user up 4%.
Myob's ongoing expansion strategy also contributed to results. The company broadened its offer to large businesses with the acquisition of ERP software provider Greentree for NZ$28.5 million in August 2016, and stepped further into the payment solutions market with the takeover of Paycorp for $48 million last April. The $180 million acquisition of Reckon's Accountant Group proposed in November is still under scrutiny by competition authorities.
