![]() Very strong result out for Altium, particularly amidst many other businesses in the market which seem to be struggling to grow in any significant way.The firm’s tax asset reduced effective tax rates from 31% in 1H15 to 6% in 1H16.Including once off costs, EBITDA margins were 25% and management has given guidance that said margins will likely be circa 30% for the year end (this implies circa 35% EBITDA margins in the second half). Underlying EBITDA (ex once off costs for relocation and acquisitions) growth was strong at 27.5%.Subscription revenues were down 2% ex-cc, up 4% cc. ![]() Subscriptions volumes were up from circa 28.0k at end FY15 to 29.3k at end 1H16.Revenue up on a constant currency (cc) basis of 19%, ex-cc 13% driven by a 20% increase in Altium Designer (AD) licence revenue (18% ex-cc).We met with CEO Aram Mirkazemi, Martin Ive (VP Finance), Kim Besharati (VP IR) and Henry Potts (VP Enterprise Solutions, otherwise known in the industry as ‘Mr PCB’) on Thursday for a discussion on the firm’s results and future prospects.Ī summary of our thoughts is noted below. We are pleased to report on another great result out of Altium Limited (ASX: ALU).
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