Why is the Reckon (ASX:RKN) share price on the rise today?

The Reckon Limited (ASX: RKN) share price is marching higher today, up 4.19% in afternoon trading.

The accounting software provider’s shares are rising following the release of the company’s results for the first half of the 2021 financial year (H1 FY21).

What did Reckon report?

In this morning’s ASX release, Reckon reported net profit after taxes (NPAT) of $9.7 million. That’s an increase of 19.8% from H1 FY20.

Earnings before income, tax, depreciation and amortisation (EBITDA) came in at $30.6 million, an increase of 6.6% from the previous corresponding period. Revenue of $75.6 million increased by 0.3%. The company reported its recurring revenue stream is strong, with 85% of revenue now subscription based.

Reckon reduced…