Technology One Limited (ASX: TNE) shares are up 8.4% to $8.51 today after the enterprise software business reported a FY 2019 net profit of $76.4 million on revenue of $286 million for the year to September 30, 2019. The group will pay total dividends of 11.93 cents on earnings of 18.43 cents over the fiscal year. The company had cash on hand of $105 million as at the period end.
The stock is actually just making up yesterday's losses as investors initially market it down on the result.
It's likely rebounding strongly today on the back of positive broker notes that tend to guide investors over the short term. According to financial news wires analysts have valuations up to $9 on the shares, although after yesterday's profit report those valuations are likely to be updated.
Zooming out further we can see that Technology One shares are up 8.5x since changing hands for just $1 in January 2012. This is largely thanks to rising demand for its enterprise software services.
