** 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))