AVEVA Group PLC Q1 Trading Update (3832U)
29 Julio 2020 - 1:00AM
UK Regulatory
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RNS Number : 3832U
AVEVA Group PLC
29 July 2020
AVEVA GROUP PLC
Q1 Trading Update
AVEVA Group plc ('AVEVA' or 'the Group'), a global leader in
engineering and industrial software, announces the following
trading update for the period from 1 April 2020 to 30 June
2020.
AVEVA continued to deliver strong growth in recurring revenue
during the first quarter. Subscription revenue grew 30%, while as
expected, Maintenance revenue was broadly flat and Perpetual
licences and Services reduced substantially. This reduction was
partly due to AVEVA's ongoing transition to a subscription business
model and partly due to disruption caused by Covid-19. Overall
Group organic constant currency revenue declined 3.5%.
Despite the Covid-19 related disruption, demand for AVEVA's
software has been robust, due to its ability to drive efficiency,
flexibility and sustainability for customers across a wide range of
industries, with particularly good demand for Cloud solutions. The
first quarter included substantial order wins in the power
generation, marine, water, food and life sciences end markets,
together with wins in oil & gas across a wide range of
customers.
As previously outlined, AVEVA faces a tough comparative period
in the first half of the 2021 financial year, particularly in Asia
Pacific, partly due to the early renewal of a large contract in the
prior year.
Notwithstanding the short-term challenges, the Covid-19 crisis
is expected to accelerate the digitalisation of the industrial
world as efficiency, flexibility and sustainability become
increasingly urgent requirements for customers. The order pipeline
for the remainder of the financial year is solid and is expected to
benefit from large contract renewals in the second half of the
financial year.
AVEVA maintains a strong balance sheet and had net cash and
treasury deposits of GBP109.7 million at 30 June 2020. AVEVA will
pay a full year dividend in respect of the financial year ended 31
March on 11 August 2020. The Group has made no redundancies in
respect of Covid-19 and has not furloughed any staff.
Enquiries:
AVEVA Group plc
Matthew Springett, Head of Investor Relations: +44 (0) 1223 556
676
FTI Consulting LLP
Edward Bridges / Dwight Burden: +44 (0) 203 727 1000
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END
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