East Anglia: Autonomy boss Mike Lynch hails strong first quarter

BUSINESS information management systems group Autonomy yesterday posted forecast-beating sales and profit figures for the first quarter of 2011.

Cambridge-based Autonomy said the growth reflected the continuing adoption of its industry-leading “Meaning Based Computing” technology by blue-chip companies around the world.

Revenues for the three months to March 31, which were boosted by a number of large deals, were 13% up on the same period a year earlier at a record 220million US dollars (about �132.8m), against a consensus forecast of US$216m.

And operating profits were 10% up at US$94m (�56.7m), compared with a consensus of US$90m, despite continued investment in research and development during the period ahead of forthcoming product launches.

Autonomy chief executive Mike Lynch, who lives in Suffolk, hailed a “strong” quarter for the group and said the figures demonstrated the continuing growth of its core business, with the data for the previous three months having been up against unusually strong comparatives for the fourth quarter of 2009.

The continuing transition to use of “cloud” computing, which represented 17% of revenues during the first quarter of 2011, was an exciting development for the group, he added.

“The beneficial effects of customers choosing the cloud option include the longer term, contracted revenue streams which provide more predictable revenues and, ultimately, higher total revenues from each customer contract,” said Dr Lynch.

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“Autonomy is one of the world leaders in this area, both in terms of customer data volumes and experience in handling our customers’ most sensitive data,” he added.