AVEVA Group PLC Trading Update (5181D)
February 20 2020 - 1:00AM
UK Regulatory
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RNS Number : 5181D
AVEVA Group PLC
20 February 2020
AVEVA GROUP PLC
Trading Update
Digitalisation of the industrial world continues to drive
growth
AVEVA Group plc ('AVEVA' or 'the Group'), a global leader in
engineering and industrial software, provides a trading update for
the 10 months ended 31 January 2020.
The Group achieved high single-digit organic constant currency
revenue growth in the first ten months of the financial year. This
was supported by strong orders in Rental & Subscription, for
both on premise and Cloud solutions, partly offset by significantly
lower Initial & Perpetual licences and Services, as planned. As
such, AVEVA's business model transition continues to improve
revenue mix and quality, providing customers with greater
flexibility, while increasing long-term operating margins and cash
flows. As previously outlined, AVEVA achieved early contract
renewals in the first half and the corresponding revenue pull
forward affected third quarter revenue growth.
On a regional basis, AVEVA achieved growth across all of its
reporting segments, with particularly good growth in Asia Pacific.
The ongoing disruption in China, caused by the Coronavirus, due to
travel restrictions and office closures, is having some impact on
sales in that country. China has historically accounted for around
5% of AVEVA's overall Group revenue.
At a Group level AVEVA had a good start to the fourth quarter
and the order pipeline for the remaining weeks of the financial
year is solid.
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
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END
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