• Profit Before Tax up 33% to $81.9m
• ARR up 21% to $511.1m
• SaaS and Recurring Revenue up 19% to $265.0m

Technology One Limited has reported record first-half profit, with Profit Before Tax up 33% to $81.9m and Profit After Tax up 31% to $63.0m. The company's Total Annual Recurring Revenue (ARR) grew 21% to $511.1m, with Net Revenue Retention (NRR) of 118%, above the long-term target of 115%. ARR in the UK grew 50%, while the company's Rule of 40 result was 49.4%. SaaS and Recurring Revenue increased 19% to $265.0m, and Total Revenue grew 19% to $291.3m. Free Cash Flow (previously Cash Flow Generation) more than doubled to $24.0m, and Cash and Investments were up 23% to $211.9m. The company also paid a record Interim Dividend of 6.6 cents per share, up 30%. Technology One surpassed its goal of exceeding $500 million in ARR during the first half, 18 months ahead of schedule, driven by its SaaS+ offering. The company secured significant customer wins, particularly in the local government and education sectors, both in Australia and the UK. The acquisition of CourseLoop, a company servicing the higher education sector, also contributed to the strong results.

Technology One expects Free Cash Flow generation to be strong over the full year, aligning with full-year Net Profit After Tax.