- Electronic design software company Altium (ALU) is projecting 10 per cent sales and revenue growth for the 2020 financial year
- The positive numbers mark Altium’s ninth consecutive year of double-digit revenue growth — even amid the global COVID-19 pandemic
- Projections for worldwide revenues stand at US$189 million (around A$272.4 million), while sales have reached US$194 million (around A$279.6)
- Altium has also reached substantial milestones across a number of other metrics, including subscriber numbers and service upgrades
- Delivering another year of growth in the face of global pandemic disruptions is testament to the company’s robust strategy and flexible solutions
- Altium is trading 1.9 per cent lower today at $32.85 per share
Electronic design software company Altium (ALU) is projecting 10 per cent sales and revenue growth for the 2020 financial year.
The projections are based off unaudited figures, with final results to be released on Monday, August 17.
Another year of growth
The positive numbers mark Altium’s ninth consecutive year of double-digit revenue growth — even amid the global COVID-19 pandemic.
Projections for worldwide revenues stand at US$189 million (around A$272.4 million), while sales have reached US$194 million (around A$279.6).
Altium has also reached substantial milestones across a number of other metrics.
The Altium Designer platform for printed circuit board design has comfortably surpassed the targeted 50,000 users — an increase of 17 per cent in the subscription base.
The newly-launched Altium 365 cloud sharing platform is also gaining traction, with over 2500 companies signing on since May.
Sales of the new design sharing platform are being driven by the increased uptake of the Designer software, with the global access and sharing capabilities of 365 providing a handy tool for global businesses.
Altium CFO, Joe Bedewi, says the uptake of the 365 platform is encouraging for future growth.
“Altium achieved strong growth in new Altium Designer seats sold of over 9,100 (up 14 per cent) and delivered 17 per cent growth in the subscription base to well over 50,000,” Joe said.
“This result places Altium in a strong position to drive further adoption of its new cloud platform Altium 365,” he added.
“Altium also delivered over 3,000 upgrades of Altium Designer, up 47 per cent, demonstrating the attractiveness of Altium 365 to existing customers.”
Altium CFO, Joe Bedewi
Success in adversity
The fact Altium has delivered another year of growth in the face of global pandemic disruptions is testament to the company’s robust strategy and flexible remote working solutions.
Businesses worldwide have benefitted from Altium’s sharing platforms and the company’s flexibility in delivering extended payment terms and customer support.
Altium CEO, Aram Mirkazemi, says the company has responded well to the challenges presented by the COVID-19 pandemic.
“Altium’s strategy of providing attractive pricing and extended payment terms to support our customers during COVID-19 and to drive volume to support our pursuit of market dominance has been rewarded,” Aram stated.
“Altium has not been immune to the uncertainty and the evolving impact of COVID-19, however, as a global high-tech company, geared to work remotely and with a robust and highly adaptable business model, we were able to deliver a strong performance through COVID-19 conditions,” he added.
It’s unknown how exactly the pandemic will affect long-term trends in working arrangements.
The fact so many people have had to work remotely for months on end has led to increased uptake of sharing platforms like Altium 365.
Whether the trend is maintained remains to be seen, but with another year of substantial growth under the belt, Altium is well-placed to capitalise on the current situation, and whatever the future may bring.
Altium is trading 1.9 per cent lower today at $32.85 per share as at 1:40 pm AEST