ASX Tech Stocks: Altium (ASX:ALU) drops almost 12% off delay in audited FY21 report
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Software company Altium Limited (ASX:ALU) was bottom of the ASX tech stocks pack today, dropping 11.92% after releasing its unaudited financial results for FY21.
The company said unforeseen delays in the audit process were amplified by the impact of the COVID-19 pandemic in NSW – and that its audited results should be released within the week.
Altium doesn’t expect there to be any material difference in the results, which include revenue growth of 16% to achieve full year guidance of US$191.1 million.
The company puts this down to the strong adoption of Altium 365 with almost 13,000 monthly active users and more than 6,000 monthly active accounts.
“The rapid adoption of Altium 365 is delivering benefits to the company and our customers on two fronts,” Altium CEO Aram Mirkazemi said.
“First, Altium 365 enhances the value of our maintenance subscription to our customers and delivers SaaS-like subscription benefits to the company, thereby reducing subscription churn for dominance.
“Second, the rapid adoption of Altium 365 is catching the attention of the industry and attracting strategic partners that could help us to accelerate our transformative vision to digitally connect electronic design to the broader engineering ecosystem.”
The company has upgraded its revenue expectations to 16-20% growth for FY22.
Elsewhere, investigative analytics and intelligence software provider Nuix (ASX:NXL) dropped 7.32% off the back of news its FY21 revenue hit $176.1 million – up just 0.1% on FY20.
The Nuix platform supports a range of uses including criminal investigations, financial crime, litigation support, employee and insider investigations, data governance and regulatory compliance.
The company said trading conditions affected upsell opportunities, particularly in the US, and that the trend towards consumption-based licences impacted the timing of revenue recognition.
But new business did contribute $27.6m to the revenue outcome, with subscription-based revenue rising to 93% of total revenue.
In North America, the company signed 27 new corporate and law firms customers, as well as 27 new SaaS customers in Germany.
Nuix chairman Jeff Bleich said customers have stuck with the company because of the “tremendous value our solutions bring to their operations.”
“We recognise there are areas for improvement and necessary change.
“We must learn from recent challenges and ensure we address any underlying problems.”