19 Apr 2016 07:00
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 £4.0m, 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