AVEVA Group PLC Trading Update (5785V)
April 19 2016 - 2:01AM
UK Regulatory
TIDMAVV
RNS Number : 5785V
AVEVA Group PLC
19 April 2016
19 April 2016
AVEVA Group plc
Trading update
AVEVA Group plc ('AVEVA'; or "the Group"), one of the world's
leading providers of engineering data and design software, today
provides the following trading update for the financial year ended
31 March 2016, based on unaudited results.
The Board expects both Group revenue and adjusted profit before
tax* for the financial year to 31 March 2016 to be broadly in line
with market expectations, albeit that adjusted profit before tax
was impacted by year-end foreign exchange effects resulting from
the translation of (in particular) US dollar-denominated assets
following the weakening of the dollar in March.
As we manage our business through the cycle we are focused on
ensuring the most efficient allocation of resources, optimising our
investment in future opportunities. As a consequence, we have
recently implemented further cost saving initiatives. These
initiatives were achieved at a one-off exceptional cost of GBP4.0m,
part of which has been recognised in the year to 31 March 2016.
These results represent a sound underlying performance
underpinned by our strong customer relationships and recurring
revenue base, set against challenging market conditions. The high
quality of AVEVA's technology offering continues to provide our
customers with mission critical capabilities and competitive
advantage. Consequently, AVEVA is maintaining its market position
and continues to enjoy strong customer loyalty.
AVEVA will announce its preliminary results on Tuesday 24 May
2016.
*Adjusted profit before tax is calculated before amortisation of
intangible assets (excluding other software), share-based payments,
gain/loss on fair value of forward foreign exchange contracts and
exceptional items.
A conference call is scheduled for 09:30 (BST) today in order to
discuss today's announcement, dial-in number +44 (0)20 3427 1916
(UK) / +1 646 254 3388 (US), confirmation code: 7319490. A replay
facility will be available later in the day, details can be found
at www.aveva.com/investors.
Enquiries:
AVEVA Group PLC (via FTI Consulting LLP)
Richard Longdon, Chief Executive Officer
James Kidd, Chief Financial Officer
Derek Brown, Head of Investor Relations
Numis Securities
Mark Lander / Simon Willis: +44 20 7260 1000
FTI Consulting LLP
Ed Bridges/ Dwight Burden/ Emma Appleton: +44 20 3727 1000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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