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Altium delivers 45 per cent profit growth

Altium delivers 45 per cent profit growth

Revenue increased 11.2 per cent to US$32.3 million compared to the previous corresponding period

Electronics design software company Altium has recorded half-yearly profit of US$5.4 million on the back solid sales and revenue growth.

The underlying profit for the first half of the year was US$5.4 million, up 45 per cent compared to the previous corresponding period.

Revenue increased by 11.2 per cent to US$32.3 million compared to the previous corresponding period, while sales increased by 10 per cent to US$31.1 million.

The company also had a cash blance of US$14.5 million after paying an AUD$0.08 dividend in October 2013.

It declared an unfranked interim dividend of AUS$0.04 per ordinary share to be paid on April 15.

Altium chief executive, Aram Mirkazemi, said the company achieved solid first half sales and revenue growth.

“This is in line with our expectations and reflects the company’s disciplined execution of strategy to build financial strength, while pursuing customer-centric product development,” he said.

“The restructure to our sales organisation in the Americas has impacted our sales growth in that region for the half-year ending 31 December 2013.

“As the restructure is fully implemented the extended reach through our resellers will be fully realised.”

Mirkazemi said this had enabled the company to deliver a return to shareholders.

“As Altium continues to maintain focus on its core technologies, customers and partners, we believe that we are well placed to deliver on our business objectives over the long term.”

Altium chief financial officer, Richard Leon, said the company had also delivered double-digit sales growth for the half year.

“A 16 per cent increase in Altium designer subscription sales, tight control of operating costs and a reduction in non-recurring and other expenses all contributed to proft growth,” he said.

“This half year result demonstrates our commitment to strengthen the financial performance of Altium and to deliver sustainable growth.”

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Tags Aram MirkazemiAltium chief executive

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