UK software company Autonomy has reported strong growth for the first quarter 2010, which it attributes to “strong product positioning and increased marketing expenditure at a time when other companies were scaling back.”
The company’s first quarter revenue was $194.2m (£126m), up 50 per cent year on year, while gross profit was $172.6m, up 48 per cent on Q1 2009. Profit before tax reached an all-time high for a first quarter of $85.3m, up 47 per cent from first quarter 2009.
Chief executive Mike Lynch said: “We are growing more confident about a recovery. Customers have resumed planning for larger projects, the main effects of which we expect to see in the second half.”
Contract wins for the quarter include deals with AT&T, Genetech, Lloyds Bank, American Automobile Association, Carnival Cruises and Tesco. The company also won new and repeat licences with multiple global government, defence and intelligence agencies in the UK, US and EU.