Brisbane City Council (BCC) awarded a $50 million, 10-year contract to replace 13 outdated customer service systems to TechnologyOne in June 2015. TechnologyOne has taken a $2 million hit to its profit for the six months ending March 31 following a troubled project with Brisbane City Council. Read more: Telstra and Brisbane City Council in legal wrangle over mobile coverage facilitiesJoin the CIO Australia group on LinkedIn. TechnologyOne expects it total consulting profit for the full year to be down by $1.5 million. On May 2, BCC issued TechnologyOne with a notice to show cause regarding the project.
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TechnologyOne's profit for the six months ending March was impacted to the tune of millions of dollars thanks to its troubled Brisbane City Council project. On 2 May, the council issue TechnologyOne with a notice to show cause regarding the local government systems (LGS) project. According to the company's latest financial results, its total consulting profit was down by $4.1 million compared to the same period the previous year, impacted "significantly" by its troubled project with the Brisbane City Council (BCC). The company told shareholders that it expected its full year results for its total consulting profit will be down by approximately $1.5 million. Now, the company has revealed that the issues surrounding the BCC LGS project has impacted its consulting services business unit by $2 million.
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collected by :Jack Luxor
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TechnologyOne reports surge in profit despite Brisbane City Council dispute
Cash and cash equivalents currently stands at AU$57.5 million, a 26 percent increase from the AU$45.4 million reported in the previous year. The cloud services business also contributed AU$937,000 in profit, compared to the AU$922,000 loss reported in the previous year. TechnologyOne attributed part of the profit loss -- about AU$2 million -- to its ongoing dispute with the Brisbane City Council (BCC) who the company said "found it increasingly difficult to fulfil their obligations". Total consulting services fees remained stagnant at AU$32.9 million, although its profit was wiped out. TechnologyOne's cloud services business was its strongest-performing in terms of revenue growth, with annual contract value jumping 93 percent from AU$10.3 million to AU$19.9 million.TechnologyOne's profit for the six months ending March was impacted to the tune of millions of dollars thanks to its troubled Brisbane City Council project. On 2 May, the council issue TechnologyOne with a notice to show cause regarding the local government systems (LGS) project. According to the company's latest financial results, its total consulting profit was down by $4.1 million compared to the same period the previous year, impacted "significantly" by its troubled project with the Brisbane City Council (BCC). The company told shareholders that it expected its full year results for its total consulting profit will be down by approximately $1.5 million. Now, the company has revealed that the issues surrounding the BCC LGS project has impacted its consulting services business unit by $2 million.
read more visit us profit
collected by :Jack Luxor
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