Guess which ASX 200 tech share just hiked its dividend 10%

A man pulls a shocked expression with mouth wide open as he holds up his laptop.A man pulls a shocked expression with mouth wide open as he holds up his laptop.

Shares in S&P/ASX 200 Index (ASX: XJO) tech giant TechnologyOne Ltd (ASX: TNE) are outperforming today after the company bolstered its interim dividend.

The $5 billion software-as-a-service (SaaS) provider released its earnings for the first half of financial year 2023 today, as my Fool colleague James covered this morning. Within them, it declared its latest dividend.

Right now, the TechnologyOne share price is lifting 1.89% to trade at $15.61.

For comparison, the S&P/ASX 200 Index (ASX: XJO) is up 0.17% and the S&P/ASX 200 Information Technology Index (ASX: XIJ) has risen 0.4%.

Let’s take a closer look at the dividend TechnologyOne slapped on the table today.

ASX 200 tech share outperforms on bolstered dividend

The TechnologyOne share price is in the green after the company upped its latest dividend by 10%.

The ASX 200 tech stock declared a 4.62 cents per share, fully franked, interim dividend ­– up from the prior comparable period’s 4.2 cents per share, fully franked, offering.

However, the growth might not be so surprising to those paying attention to the company’s financials. It’s grown its interim dividend by 10% every year since financial year 2010.

Those who aren’t invested in the ASX 200 tech share but want a piece of the dividend better act quickly. It will trade ex-dividend next Thursday.

That means anyone who isn’t invested in the stock at next Wednesday’s close will miss out.

It will then begin to land in investors’ accounts from 16 June.

And it wasn’t just TechnologyOne’s dividend that has seemingly caught the eye of the market today.

The company also revealed a 24% jump in post-tax profit to a record $41.3 million. It’s the fourteenth year that the company has delivered a record first-half profit.

Commenting on the results driving the ASX 200 tech share higher, TechnologyOne CEO Edward Chung said:

We have a clear and consistent strategy, and our team are executing very well, delivering significant value for our customers.

TechnologyOne share price snapshot

The last few years have been good for the TechnologyOne share price.

The ASX 200 tech share has gained 21% since the start of 2023. It’s also 52% higher than it was this time last year and a whopping 257% higher than it was this time five years ago.

For comparison, the ASX 200 has climbed 5% year to date, 2% over the last 12 months, and 21% over the last five years.

The post Guess which ASX 200 tech share just hiked its dividend 10% appeared first on The Motley Fool Australia.

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More reading

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Technology One. The Motley Fool Australia has recommended Technology One. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia

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