Mining has Bentley purring

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Bentley Systems CEO Greg Bentley
‘Every measure of mining new business is up and strong’

Bentley Systems’ resources business segment continues to be a standout growth area for the US software company, CEO Greg Bentley said on a third-quarter earnings call.

The company said the resources sector continued to lead “as to relative new business strength, in Seequent’s mining and other environmental modelling, and in offshore engineering, increasingly for wind power”.

“Mining is a great portion of that and mining is all dark green,” Greg Bentley said.

“Every measure of mining new business is up and strong.

“I say that knowing that it’s going to be cyclical ultimately, but it seems we have a lot of electrification and mineral requirements before that comes about.

“And then, of course, [we also have] renewables [and] upstream oil and gas, which has new pressures.

“Resources is setting a new standard.

“We haven’t seen anything be as strong as it continues to be and I think sustainably can remain.”

Bentley’s total September-quarter revenues were up 6.7% year-on-year at US$268.3 million, pushing revenue for the first nine months of the year 16.5% higher to $812.1m.

Net income was $61.8m for Q3 (up from $56.3m last year) and $215.2m for nine months ($195m).

Bentley said its last 12-month recurring revenues were up 20.3% at the end of September at $950.4m.

“Significantly, each of our primary growth initiatives is bearing fruit as intended in terms of business performance ARR growth, serving to make up for circumstantially fewer programmatic acquisitions during 2022 to date,” Greg Bentley said.

“Our Seequent and Power Line Systems platform acquisitions continue their pace‑setting growth.”

 

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