MYOB Cuts Its Losses As More Clients Move To Cloud
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SYDNEY – Accounting software market leader MYOB – now ASX-listed – has recorded a net loss of $42.4 million for the year to December 31, a major improvement on its $71 million loss in 2014. Revenue for the latest year rose by 10 percent to reach $328 million.Chief executive Tim Reed said the company has entered 2016 “with great momentum”. “We believe the accounting industry is transforming, with transaction processing, compliance and advisory services converging into one connected business process,” Reed said.

He noted that so far 175,000 of its 1.2 million customers have moved to a cloud version of MYOB’s software. He predicted that by 2017 cloud would be attracting a major share of the customer base.

MYOB expects to increase research and development spending in 2016 to 13-16 percent.

The company has been facing a fierce attack on its market share by New Zealand based Xero, but remains in the No.1 position, in Australia at least. Its shares closed at $2.90, up 1.75pc, on the ASX yesterday.