Altium loss widens despite sales gains

Electronics design software company Altium (ASX:ALU) said 1H loss widened three per cent to $2.5m, even as it grew sales and sped up customer acquisition

Electronics design software developer Altium (ASX:ALU) has reported a three per cent wider 1H net loss of $US2.5 million for 1H11.

The company grew sales nine per cent to $22 million, with revenue from EMEA increasing by a particularly high 24 per cent. Consulting fees also increased 25 per cent.

But sales from APAC excluding China fell 10 per cent to $US2.1 million, and taxes and exchange rate variances impacted the bottom line.

Ebitda improved 82 per cent to a negative $315,000, and pre-tax losses declined 33 per cent to $3 million.

The total number of subscriptions sold increased by 125 per cent year-on-year, and the number of subscriptions renewed grew 64 per cent.

The company employed 284 people at the end of the half-year, an increase of six per cent.

ALU shares fell 13.33 per cent to $0.130 during Wednesday's trading.

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