MYOB Group Limited [ASX:MYO] shares have decreased 0.32%
Despite the small decrease, MYOB have been falling for a number of months.
December last year they were trading at $3.73 a share. Now in the month of March, they are trading at $3.09 a share.
Founded in 1991, MYOB Group specialises in developing and publishing accounting software in Australia and New Zealand.
What has MYOB been up to?
MYOB have put fourth expansion initiatives.
In November last year they announced a takeover offer to Reckon Limited’s, which is an accountant business.
They offered Reckon a total of $180 million for their business.
They have high hopes for the potential takeover.
MYOB is aiming for a total of 1,000,000 online subscribers in Australia and New Zealand by the year 2020.
They believe their subscriber base is growing at a significant rate, reaching a total of 399,00 in just 12 months (to 31 December, 2017), picking up over the last three years.
2017 resulted in a great outcome in terms of growth and sub count.
CRN reported that MYOB chief executive Tim Reed stated:
‘In April, we acquired Paycorp and expanded our total addressable market by more than $1.2 billion. The Paycorp business is now fully integrated within MYOB and enables us to offer a marketfirst integrated payment and accounting solution to clients.’
Tim Reed believes MYOB is on track to reaching their desired subscriber count by 2020.
Expectations for 2018
Despite their fall in share value, MYOB have a positive outlook on financial year 2018, they expect acquisition of Reckons Accountant Group assets by 2018.
With contribution to Reckons Accountant Group, MYOB predict they can achieve between 14% and 16% revenue growth by the financial year.
They will continue to prompt growth efforts and peruse efficient ways to earn a positive revenue.
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