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RNS Number : 9325Q
AVEVA Group PLC
24 October 2019
AVEVA GROUP PLC
AVEVA Group plc ('AVEVA' or 'the Group'), a global leader in engineering and industrial software, provides a trading update for the six months ended 30 September 2019.
The Group achieved low double-digit revenue growth on a proforma constant currency basis in the first half. This growth reflects a continuation of the strong sales execution seen in Q1, and further benefited from the early renewal of a large EPC contract and a moderate increase in revenue from multi-year contracts. On a reported basis, revenue growth was helped by a foreign currency translation tailwind.
Revenue mix was positive, with very strong growth in Rental & Subscription revenue being partly offset by lower Initial & Perpetual licences and Services, as planned.
From a geographical perspective, each of the regions delivered growth versus the same period last year, with Asia Pacific showing particular strength. Each of the Business Units also grew, with particularly strong growth in Engineering.
The Group maintains a strong balance sheet and had net cash and treasury deposits of GBP58.6 million at 30 September 2019, having paid the final dividend of GBP46.8m, acquired MaxGrip at a cost of GBP21.6m and paid bonuses and sales commissions relating to the prior financial year during the period.
AVEVA will announce its results for the six months ended 30 September 2019 on 12 November 2019.
AVEVA Group plc
Matt Springett, Head of Investor Relations
Tel: 01223 556 676
FTI Consulting LLP
Edward Bridges / Dwight Burden
Tel: 020 3727 1000
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(END) Dow Jones Newswires
October 24, 2019 02:00 ET (06:00 GMT)