Content collaboration and process management solutions provider Objective Corporation released its annual financial result (PDF) today, posting AU$5.7 million in net profit after tax for the financial year ending June 2014, an increase of 46 percent on its results for the financial year ending 2013.
However, CEO Tony Walls today told shareholders that despite the boost in profit, the company's primary focus for the next financial year will continue to be on revenue growth through reinvestment, particularly in research and development (R&D).
"Given our long-term commitment to R&D and execution excellence, our FY2014 results serve as evidence of our ability to deliver a return on investment in our people and the solutions we implement for our valued customers," said Walls in a statement (PDF).
"We are pleased to deliver value to all of our stakeholders, and we continue to look for opportunities for improvement in execution. Looking forward, we remain committed to our strategy of prioritising revenue growth ahead of profitability.
"Demand for our solutions is increasing, we are confident in our competitive position in the marketplace, and we expect solid growth in all business lines in the year ahead," he said.
The company, which is publicly listed on the Australian Securities Exchange (ASX), reported revenue of AU$48.6 million for the financial year, 18 percent up from the previous year's results.
Objective Corporation's Asia-Pacific revenue grew by 20 percent to AU$40.3 million for the year, up from last year's AU$33.5 million, while its European revenue grew by 15 percent to AU$7.6 million, AU$1 million more than the previous year's result.
The company said its financial position remains strong going into the financial year ending 2015. As of June 30, the company claimed cash and cash equivalents of AU$15 million with no external borrowings.
"As a company, we are very pleased with the progress that we made during financial year 2014, with growth in all major revenue lines," said Walls. "Particularly satisfying was seeing evidence of our significant investment in research and development translating into tangible results."
During the year, the company released the latest version of its Objective ECM 8.2, which it said addressed the demand for more business process management capabilities. More than 80 percent of customers upgraded to the current generation of the product, according to Objective.
The company also said that during 2014, its geographic reach strengthened, with adoption in 53 countries.
"Our investment in this strategic platform continues, with some very large opportunities on the horizon," said Objective Corporation in an ASX statement.
Last month, the company announced that it has beenof the Western Australia government, enabling the state's public sector organisations to procure its services.
The new customers that Objective claims to have taken on during the year include Sutherland Shire Council, Redland City Council, and Ipswich City Council.
"In each organisation, a competitor system was replaced," the company said.