Reckon shares are on a tear

Photo: Cassie Trotter/ Getty Images.

Shares in cloud accountancy software player Reckon jumped after the company posted half year results showing a rise in underlying net profit to $5.9 million.

AT the close, the shares were 15% higher at $0.99.

Statutory profit was down 5% to $5.2 million after costs associated with discontinued business.

“We remain positive that future growth will be achieved in all divisions,” says Reckon managing director Clive Rabie.

“We have been focused on developing exciting new products which in turn are expected to open new markets to assist this growth over the coming years.”

Cloud revenue was up 8% and now represents 42% of business group revenue. The number of cloud users now numbers 51,000.

The company declared an interim fully franked dividend of three cents a share.

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