(Alliance News) - Aveva Group PLC on Tuesday said it set court and general meetings for November 17 to approve its takeover by majority owner Schneider Electric SE.
In September, Aveva agreed to a takeover offer by the French energy management company in a deal worth around GBP10 billion.
Meanwhile, the Cambridge-based industrial software firm said its half-year revenue was supported by a stronger dollar.
Aveva said revenue in the six months to September 30 fell by a "low-single digit rate" annually on an organic, constant-currency basis.
Reported revenue, however, rose at an upper-single-digit rate, helped by the stronger dollar, in which Aveva invoices most of its revenue. "As previously indicated, costs have increased significantly against the Covid-impacted levels of the first half of last year, and this has had a material impact on Aveva's adjusted [earnings before interest and tax] margin for the six months to 30 September 2022," it added.
"The full year projections indicate revenue seasonality at broadly similar levels to previous years and significantly lower second half cost increases."
Net debt continued to increase. It widened to GBP618 million at September 30, from GBP533.6 million a year ago and GBP367.9 million at March 31, 2021.
A year ago, Aveva posted an interim loss of GBP80.3 million, widened from a GBP24.2 million loss a year before. Back then it said the loss was due to the amortisation of intangible assets relating to its combination with the Schneider Electric industrial software business and its OSIsoft acquisition. Revenue in the half-year to September 30, 2021 grew 45% to GBP480.9 million from GBP332.6 million.
The company will release its half-year results for the half-year to September 30 on November 8.
Aveva shares were 0.03% lower at 3,145.00 pence each in London on Tuesday morning.
By Tom Budszus; tombudszus@alliancenews.com
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