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MYOB Group Ltd (ASX: MYO), one of Australia and New Zealand’s leading providers of online business management solutions, reported its financial results for 2016 on Thursday. MYOB reported an after-tax profit of $54 million in 2016 compared to its loss of $42 million in 2015.

The company achieved a revenue of $370 million in 2016, resulting in a 13 percent increase in 2015 ($328 million). Moreover, the company reported earnings before interest, tax, depreciation and amortisation (EBITDA) of $170 million. This was 12 percent higher in 2015 ($153 million).

MYOB’s net profit after tax and after adding back the tax effected amortisation expense related to acquired intangibles (NPATA) was $97 million, giving a 13 percent increase in 2015 ($86 million). Furthermore, MYOB also declared a final dividend of 5.75 cents per share, which was 15 percent higher in 2015. The company also reported a cash balance of $61 million and a cash flow conversion at 77 percent.

MYOB has three business segments including SME Solutions, Practice Solutions and Enterprise Solutions. The SME Solutions segment reached a $233 million revenue from $205 million in 2015 giving a 14 percent increase. Practice Solutions got $84 million in 2016 compared to $81 million in 2015 giving a three percent increase. Finally, Enterprise Solutions reported a $52 million revenue from 2015's revenue of $41 million resulting in a 26 percent increase.

SME Solutions represented the 63 percent of the total company revenues while Practice Solutions and Enterprise Solutions shares were 23 percent and 14 percent of the company's total revenue respectively. "MYOB has continued to make great progress during 2016 delivering another year of double-digit earnings growth," MYOB Chairman Justin Milne said in the company report.

"The strength of MYOB’s service offering coupled with our exceptional client delivery ensures that the outlook for the business remains extremely positive. As a result of our financial position and strength, the Board has announced an increase in the final dividend to 5.75 cents per share, reflecting our confidence in the business," Milne added. On the other hand, MYOB Chief Executive Officer (CEO) Tim Reed said that MYOB's financial results in 2016 validated the continuous growth of the company.

The other 2016 highlights of the company include MYOB’s Connected Practice Strategy; the development of the MYOB Platform new modules such as practice ledger, portal and dashboard; $56 million investment in R&D; rapid uptake of online connected services, including PayDirect Mobile and PayDirect Online; and acquisition and seamless integration of Greentree.

Meanwhile, MYOB also announced on Thursday its acquisition of payment solutions provider Paycorp for $48 million. MYOB will wholly acquire Paycorp and its 6,500 clients. At present, MYOB has been providing business solutions to approximately 1.2 million businesses across Australia and New Zealand by simplifying accounting, payroll, tax, practice management, CRM, job costing, inventory and more. MYOB provides ongoing support via many client service channels including a network of over 40,000 accountants, bookkeepers and other consultants.