British software firm Autonomy Corporation Plc. announced that it had posted a growth of 44% in its first quarter net profit. The company also reported a growth of 50% in its first quarter revenues.

The first quarter results met the expectations of market analysts and the company is now more confident about a possible recovery. Autonomy said today in its first quarter report that it had reported net income of $49.7 million, increasing by 44% while the net profit was posted of $34.5 million in the same period last year.

Total revenue in the first quarter ended March 2010 was reported of $194.2 million, increasing by 50% comparing to the same quarter last year. The first quarter revenue met the expectations of market analysts as they were anticipating revenue of $193 million in the first quarter. The adjusted pretax profit rose by 47% to $85.3 million in the first three months of the fiscal.

Autonomy also said that it had a stronger order pipeline for the rest of the year and an improvement in deal closures left it more confident. "We are growing more confident about a possible recovery," said Mike Lynch, Chief Executive of Autonomy. "Customers have resumed planning for larger projects, the main effects of which we expect to see in the second half."