AVEVA Group PLC Trading Update (7762L)
15 Enero 2021 - 01:00AM
UK Regulatory
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RNS Number : 7762L
AVEVA Group PLC
15 January 2021
AVEVA GROUP PLC
Trading Update
AVEVA Group plc ('AVEVA' or 'the Group'), a global leader in
engineering and industrial software, announces the following
trading update.
AVEVA's performance for the nine months ended 31 December
2020
AVEVA had a strong quarter of contract renewals in the three
months to December 2020, which helped to improve revenue growth to
approximately 1.5% in the nine months to 31 December 2020 on an
organic constant currency basis. On the same basis, recurring
revenue grew by 10%, taking it to 68% of overall Group revenue in
the period.
Organic constant currency revenue growth in the three months to
31 December 2020 was over 26%. This was driven by a significant
number of scheduled subscription renewals, including a large
three-year contract renewal in the Food sector. It also benefited
from the early renewal of a large three-year EPC contract that had
been scheduled for AVEVA's Q4, and the conversion of two large
contracts in the Marine sector from annual fees to multi-year
subscription, giving the customers more flexibility in a
challenging Marine market environment.
The order pipeline for the remainder of the financial year is
solid, supported by efficient digital demand generation and several
large contract renewals, albeit fewer than seen in the third
quarter. AVEVA's World Digital customer event will take place on 26
to 28 January and will be the Group's largest digital event to
date.
On 31 December, AVEVA had GBP2.7 billion of cash (mostly held in
US dollars) and no debt, reflecting the proceeds of the Rights
Issue ahead of the completion of the OSIsoft acquisition.
The Board remains confident in the full year outlook for AVEVA.
Notwithstanding the disruption seen to the trading environment in
2020, the trend towards the digitalisation of the industrial world
is strong and the Board remains excited about the significant
growth opportunities ahead.
OSIsoft update
OSIsoft continued to perform well and achieved billings growth
of 8.5% in the financial year to 31 December 2020, in line with
management plans. This was driven by strong growth in the Power
Generation & Distribution, Chemicals & Petrochemicals and
Pharmaceuticals & Life Sciences markets, partly offset by
slightly weaker orders from the Oil & Gas and Mining, Metals,
Metallurgy & Materials markets.
AVEVA has received the antitrust and regulatory clearances
required ahead of completion of the acquisition of OSIsoft, with
the exception of the approval of the Committee on Foreign
Investments in the United States (CFIUS). CFIUS approval is
expected by early February, with the transaction expected to close
shortly thereafter.
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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