14 Nov 2017 07:04
14 November 2017
AVEVA GROUP PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2017 FOR THE SCHNEIDER ELECTRIC SOFTWARE BUSINESS
AVEVA Group plc ('AVEVA' or 'the Group'), one of the world's leading providers of engineering design and information management software, today announces summary unaudited interim results for the Schneider Electric Software Business, ahead of the planned combination of this business with AVEVA.
Financials
Six months ended 30 September | 2017 | 2016 | Change |
Revenue | $288.5m | $277.4m | 4.0% |
Adjusted EBITA* | $43.6m | $42.2m | 3.3% |
* Operating profit before amortisation of identifiable intangible assets, restructuring costs and other operating income and expenses.
The summary interim results are presented on an unaudited basis and have been prepared using the same basis and for the same scope as detailed in the paragraph 'Basis for preparation" included on pages 116, 117 and 118 of the prospectus dated 5th September 2017.
Summary
The Schneider Electric Software Business delivered a solid financial performance in the six months ended 30 September 2017. Revenue increased by 4.0% to $288.5 million (2016 - $277.4 million) with no material impact from currency translation. In both reported and constant currency terms, adjusted EBITA increased by 3.3% to $43.6 million from $42.2 million.
Approximately half of the increase in revenue was as a result of the implementation of the commercial agreements (as defined in the prospectus). This impact is expected to be largely factored by 1 January 2018.
The balance of the growth reflected underlying volume growth in HMI / SCADA licensing primarily in the APAC and EMEA regions, and an increase in the software maintenance and support revenue stream. Globally the business has seen volume pickup in areas of the portfolio that deliver operational visibility, efficiency improvements and asset reliability. Overall, revenue decreased in North America resulting from the levelling-off of SCADA upgrade and enhancement project volume seen over the past two years in the in the oil and gas pipelines market for the region.
Overall costs increased by 4.1%, which together with the growth in revenue resulted in a 3.3% increase in adjusted EBITA.
Enquiries:
AVEVA Group plc
Matt Springett, Head of Investor Relations
Tel: 01223 556 655
FTI Consulting LLP
Edward Bridges / Dwight Burden
Tel: 020 3727 1000