SYDNEY -- Altium reported fiscal first-half revenue rose 13% year-over-year to $42.6 million. Sales were up 22% during the six months ended Dec.31, the PCB design software developer said.

Altium’s operating results combined with its relocation to the US boosted net profits 35% to $9.1 million. The relocation reduced Altium's tax expenses by $2.4 million during the period.

EBITDA margin increased to 27.5% for Altium’s existing business, not including more than $2.1 million in expenses tied to recent acquisitions.

Altium’s first half was supported by 25% revenue growth in the Americas and sales growth of 40%. EMEA showed an18% increase in revenue and 24% increase in sales in local currency. Mew licences sold for its flagship product Altium Designer rose 23% during the first half and subscription renewal rates grew 3% to 87%. Altium said it has 29,300 subscribed users, with recurring revenue representing 42% of the firm's total revenue.

In a financial announcement, Altium said the performance over its fiscal first first half puts in well on its way to achieve full year fiscal objectives of double-digit revenue and sales growth and to reach an EBITDA margin in the 30s. The first half results also confirm that the company is on track to achieve its goal of $100 million revenue by fiscal 2017.

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