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.