Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.
MYOB reaches record milestone and prepares senior debt refinancing
Posted on 25-Sep-2014 19:51 | Tags Filed under: News



MYOB has passed a record client milestone of 100,000 online subscribers, following previously disclosed information in MYOB’s half-year results and investor presentation, where it posted a record first half result, with revenue growth of 21% and EBITDA growth of 29% achieved.

The 100,000 online subscribers milestone has been achieved in under two years from launch of the flagship AccountRight cloud accounting solution. The percentage of new clients that are taking out an online subscription has passed 70% of total registrations, up from less than 20% two years ago.

MYOB CEO Tim Reed says “2014 has been an exciting year of records for MYOB. Achieving rapid growth to over 100,000 online subscribers within two years of launch of our flagship AccountRight cloud accounting solution has been a key achievement. Of equal significance is the way in which new MYOB clients are adopting our cloud solutions, with over 70% now choosing one of our cloud accounting solutions.”

Reed continued, “With the strong growth in our business it is an opportune time to take stock and prepare ourselves for the next stage of growth. With continued strong financial performance and favourable credit markets, it is an appropriate time to negotiate greater flexibility in debt arrangements, lowering the cost of our debt and building in the flexibility for a possible market listing in the future. To that end we are actively negotiating with a syndicate of banks to refinance our senior debt and are close to finalising the arrangement.”

The refinancing negotiation has been well supported by existing lenders with a commitment for $640M, and is likely to result in more favourable pricing and more flexible terms for MYOB.

"We are very pleased with MYOB’s continued strong growth and performance against the strategic plan. The time is right to structure for future growth, and we look forward to further supporting MYOB in the coming years," said Craig Boyce, Bain Capital Managing Director.



comments powered by Disqus




Trending now »

Hot discussions in our forums right now:

The President Of The USA: Donald Trump
Created by TimA, last reply by tdgeek on 24-Feb-2017 19:41 (3298 replies)
Pages... 218 219 220


Mikrotik RB 3011 multiple port flapping (Title updated)
Created by RobBB, last reply by RunningMan on 22-Feb-2017 21:54 (57 replies)
Pages... 2 3 4


Vodafone / SKY merger
Created by wingbat45, last reply by compost on 24-Feb-2017 21:41 (135 replies)
Pages... 7 8 9


"Parents' lawsuit claims FaceTime caused daughter's death"
Created by kingdragonfly, last reply by richms on 23-Feb-2017 11:03 (23 replies)
Pages... 2


What is this green cabinet for?
Created by DarthKermit, last reply by MadEngineer on 24-Feb-2017 21:13 (20 replies)
Pages... 2


Android (FB) Messenger App Bugs/Issues
Created by TimA, last reply by tripp on 21-Feb-2017 19:45 (20 replies)
Pages... 2


I paid the wrong Bank Account, what can I do - advice wanted?
Created by harlansmart, last reply by PaulBags on 24-Feb-2017 23:32 (19 replies)
Pages... 2


SureSignal missed calls
Created by hairy1, last reply by froob on 23-Feb-2017 20:23 (19 replies)
Pages... 2