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Autonomy revenues rise
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April 26, 2001: 5:48 a.m. ET
Software maker says trading conditions are difficult with order delays
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LONDON (CNN) - UK software company Autonomy says it remains profitable despite difficult trading conditions.
The Cambridge, England-based company said on Thursday its first-quarter revenues increased 25 percent year-on-year to $14.7 million. But adjusted net income was $1.6 million, down from $5.9 million in the previous quarter.
Net profits were $5.7 million, up from $4.3 million in the last quarter, but these were achieved with the help of a gain on foreign exchange of $5.9 million.
Chief Executive Mike Lynch said the economic slowdown was affecting European IT spending patterns and customers were hesitant to commit to large capital expenditures.
"Almost without exception, we have been informed that purchasing decisions have been delayed rather than outright cancelled or awarded to others," he said.
Lynch said the balance sheet remained strong with around $144 million in cash. He added that the long-term outlook continued to remain promising.
Autonomy uses pattern-recognition technology to sift databases and produce sophisticated search results on the Internet. It floated on the London stock exchange last year.
Autonomy (LSE:AU-) shares opened up 10.5 percent at 376 pence on Thursday, but then dropped back to 365, up 5.4 percent on the day. 
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