Autonomy revenue holds up in the downturn

Autonomy's 2008 revenue increased by 47 per cent

Autonomy Corporation has credited the "explosion of unstructured information " as one of the key drivers for the best financial results in its history.

Revenue at the FTSE-listed software firm for the fourth quarter of 2008 totalled $145.4m (£105.3m), an increase of 26 per cent from $115.1m (£83.4m) in the same period in the prior year.

Total revenue for the year ending 31 December 2008 reached $503.2m (£364.7m), up 47 per cent from $343.4m (£248.8m) for the previous financial year.

The company said that the strong results were ahead of expectations, despite the negative and unexpected effects of foreign exchange on its revenue.

"Throughout 2008 we received accolades and top ratings in multiple new areas, whilst being declared the winner of the enterprise search wars," said Autonomy chief executive Mike Lynch.

Lynch said that the "switch to unstructured information" will take 10 to 15 years, but regulatory changes and increases in regulation and litigation in the financial markets, as well as the realisation that most issues are found in the way companies handle data, are positive news for Autonomy.

"We continue to monitor the market situation closely and the incoming evidence confirms our previous assumptions leading us to be conservatively optimistic for the remainder of 2009," he said.