Enterprise applications provider, Technology One (ASX:TNE) has announced single digit increases in revenues and earnings for the year ending 30 June 2005.

Revenues increased 8% to $54.5 million and net profit after tax was also up 8% to $10.3 million.

According to a statement from Technology One, the company plans to grow its business organically by initially launching itself into the UK market and then expanding its operations elsewhere overseas: "This year Technology One finalised its plan to enter one of the largest markets in the world for enterprise applications – the United Kingdom. Our initial estimates place this market at over three times the size of the Australian market, and has the potential to provide significant growth to Technology One in the coming years. Technology One will open its first office in the UK in early 2006, and will subsequently open up other offices through the UK over a period of four years.

"Technology One believes we are well positioned for success in the medium term in the UK market, once we have established our presence, because of our new generation products (our CI series) and our powerful and unique Power of One business model where we build, market, sell implement and support our range of products directly.

"Technology One sees the UK as a stepping platform in the medium term into a number of other large markets."