AVEVA Group PLC Year End Trading Update (3817L)
April 19 2018 - 2:00AM
UK Regulatory
TIDMAVV
RNS Number : 3817L
AVEVA Group PLC
19 April 2018
19 April 2018
AVEVA GROUP PLC
Year End Trading Update
AVEVA Group plc ('AVEVA' or 'the Group'), a global leader in
engineering and industrial software, today provides the following
trading update for the financial year ended 31 March 2018, based on
unaudited results.
AVEVA combined with the Schneider Electric industrial software
business ('heritage SES business') on 1 March 2018. To provide a
better understanding of the combined trading performance and to
improve transparency, non-statutory results will be given for the
combined enlarged Group on a 12 month pro-forma basis when AVEVA
reports its full year results. In addition to this, summary
standalone results for the 12 months to 31 March 2018 will be shown
for each of the heritage AVEVA Group and the heritage SES
businesses.
As previously explained, the statutory results for the financial
year are required to be presented on a reverse acquisition basis.
This will represent 12 months of trading for the heritage SES
business and the results of the heritage AVEVA Group for the one
month of trading following the completion of the combination on 1
March 2018.
On a 12 month pro-forma basis, revenue for the enlarged AVEVA
Group is expected to be in-line with the Board's expectations.
Trading for the heritage AVEVA Group was strong during the year
ended 31 March 2018. A sharp focus on sales execution, combined
with a stabilisation of conditions in our Oil & Gas and Marine
end markets, drove an acceleration of revenue growth in the second
half, such that full year revenue grew at a comfortable double
digit rate on a currency neutral basis, up from 5.9% in the first
half. This included the benefit of increased initial licence fees
relating to Marine contracts and the impact of a substantial
three-year contract renewal with one of our key Global Account EPC
customers.
Trading for the heritage SES business was solid during the year
ended 31 March 2018. Trends seen during the first half largely
continued, leading to low single digit revenue growth on a currency
neutral basis.
Further details will be provided when AVEVA announces its
results for the financial year on 14 June 2018.
Enquiries:
AVEVA Group plc
Matt Springett, Head of Investor Relations
Tel: 01223 556 676
FTI Consulting LLP
Edward Bridges / Dwight Burden
Tel: 020 3727 1000
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTGGUMUCUPRGQR
(END) Dow Jones Newswires
April 19, 2018 02:00 ET (06:00 GMT)
Aveva (LSE:AVV)
Historical Stock Chart
From Mar 2024 to Apr 2024
Aveva (LSE:AVV)
Historical Stock Chart
From Apr 2023 to Apr 2024