On behalf of Altium’s board of directors, I am delighted to be able to announce a healthy return to profitability for the 2005/06 financial year. Overall the company achieved revenue growth of 14% over the previous year, finishing at $45.6 million for the reporting period, up from $40.1 million. Earnings before interest, tax depreciation and amortisation (EBITDA) rose to $7.0 million which was up 316% from 2004/05 and profit after tax was $1.4 million. We can also report that our cash position has increased 77% to $6.4 million.
Altium’s return to profitability marks an important turning point for our company as we see the first fruits of the long and intense technology development program of the last few years. Returning the company to profitability was a key objective for the year and, we are very pleased to be able to deliver on this goal. It also reinforces the Board’s confidence in our strategy and highlights the significant opportunities for growth before us.
During this past financial year, we have begun the process of building a new sales organisation that is capable of doing justice to our products and technology. In order to communicate our new approach to designing electronics and the vision that drives this, the new organisation must be capable of engaging with customers at a higher level than before.
In the US, our largest market, the implementation of this new sales model is yielding concrete results, even at this early stage of investment. The changes the company has made there have allowed the US team to achieve four consecutive quarters of significantly increased sales growth and set new sales records for the month of June and fourth quarter.
Sales growth in South East Asia and Europe was also strong, and we expect to see it continue to gain momentum as we progressively roll-out our new sales model across all regions. Success is dependent not only on the sales model, but on the recruitment and development of talented sales and support team members. We believe the combination of world-leading technology, a solid sales model, world-class people and strong leadership provides Altium with a firm basis for continued revenue growth.
We have also, for the first time in a number of years, been able to provide a dividend return for our shareholders. This decision was not taken lightly and represents a desire by the board, after much patience from our shareholders, to signal a return to strong operating results in a tangible way.
The results for this year have been generated by the collective efforts of the whole Altium team. The board would like to extend its thanks to all those on the team for their continuing efforts and dedication.
For those who are shareholders, we thank you for your continued support and belief in our vision. To those who are potential investors, we see that this past year's results have signalled the first stage of the growth that has long been anticipated.
Chairman
