Altium flags 10pct rise in FY revenue

Software company Altium says its full-year revenue grew 10 per cent to $US189 million ($A273 million) despite the COVID-19 pandemic.

The San Diego-based company, which makes design software for printed circuit-boards, will release its official full-year results on August 17 but released unaudited sales and revenue figures on Tuesday.

Worldwide sales were also up 10 per cent, to $US194 million ($A280 million), as Altium said it offered attractive pricing and extended payment terms to support customers during the outbreak and pursue market share.

“While COVID-19 prevented us from reaching our long standing aspirational goal of $US200 million ($A288 million) in revenue, conditions surrounding COVID-19 have dramatically accelerated our movement towards market dominance and the implementation of our transformative agenda for the industry,” chief executive Aram Mirkazemi said.

The company’s new cloud platform, Altium 365, rolled out on May 1 and already has over 2,500 customers and 5,000 active users, Mr Mirkazemi said.

At 1104 AEST, Altium shares were down 1.9 per cent to $32.87 amid a decline in technology shares.

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