- Electronic design software company Altium saw profits increase 41 per cent to US52.9 million during the 2019 financial year
- Revenue grew in China, Europe, the Middle East, Africa and the U.S.
- The company CEO said Altium is on track to meet its 2020 target of US$200 million in revenue
- Altium’s share price is up 4.96 per cent at today’s market close, bringing it to $33.67 apiece
Electronic design software company Altium broke company records for profits earned in the 2019 financial year.
Profits after tax saw an increase of 41 per cent, totalling US$52.9 million and earnings per share grew by the same percentage.
Revenue growth jumped 23 per cent, coming in at US$171.8 million.
The company’s subscription base is up to 43,600, expanding by 13 per cent during the financial year.
CEO of Altium Aram Mirkazemi said the growing number of subscribers puts the company in a good stead to achieve market dominance.
“This is an early sign that Altium is successfully picking up a gear on its climb towards 100,000 subscribers,” Aram commented.
Revenue increased the most in China, which recorded a growth of 37 per cent. In Europe, the Middle East and Africa, revenue was up 20 per cent and in the U.S. it was up 14 per cent.
Chief Financial Officer of Altium Joe Bedewi said: “China built further momentum over the fiscal year…which is an endorsement that our investment in additional China-based resources has paid off and will allow us to scale up our operations and revenues in the region”.
Altium’s printed circuit board design software, Altium Designer, achieved record growth of 27 per cent. While the company’s component search engine, Octopart led revenue growth, seeing an increase of 49 per cent.
Earnings before interest, tax, depreciation and amortisation are up 36.5 per cent and cash flow rose 42 per cent, to US$69.1 million.
“With these results and the growing momentum, I am fully confident that we should not only be able to achieve but surpass our 2020 target of US$200 million in revenue,” Aram said.
Shareholders will receive a final dividend of $0.18 – up 26 per cent on the previous year.
Altium’s share price is up 4.96 per cent at today’s market close, bringing it to $33.67 apiece.