Altium (ASX:ALU) achieves 10% revenue growth

Company News

by Rachael Jones

Electronic design software company Altium Limited (ASX:ALU) achieved revenue growth of 10 per cent to US $189 million for the full year ended 30 June 2020 despite the challenging Covid-19 environment.

Altium delivered record growth in new Altium Designer seats and subscriptions to exceed its 50,000 subscriber target.

They also saw a strong increase of 14 per cent in new Altium Designer seats sold.

Altium CEO, Mr Aram Mirkazemi says : “While Covid-19 prevented us from reaching our long standing aspirational goal of $200 million in revenue, conditions surrounding Covid-19 have dramatically accelerated our movement towards market dominance.

They accelerated the roll-out of their new cloud platform Altium 365 from 1 May 2020 to help engineers to work from anywhere and connect with anyone.

Altium Limited (ASX:ALU) are trading 0.8 per cent higher $33.75.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.