** Jefferies says TechnologyOne reported yearly profit growth ahead of street estimates and at the top of guidance
** The business software provider reported on Tuesday profit before tax $(PBT)$ of A$152.9 million ($99.80 mln) for fiscal 2024, compared to A$129.9 mln from last year
** Brokerage maintains "buy" rating, increases price target to A$35 from A$29
** "Profit beat comes in the face of near-term headwinds created by SaaS+ unit economics" — Jefferies
** "The UK currently contributes ~7% of Total ARR, we forecast for this to grow to more than 11% by FY30" — Jefferies
** TNE posted annual UK sales of A$8.7 mln, a 70% increase from the previous year
** Co up 91.6% YTD as of last close, outpacing a 59.8% gain on the ASX Information Technology index
($1 = 1.5321 Australian dollars)
(Reporting by Nikita Maria Jino in Bengaluru)
((Nikita.Jino@thomsonreuters.com))
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