22 Jan 2018 07:00
22 January 2018
AVEVA GROUP PLC
Trading Update and Contract Extension
AVEVA Group plc ('AVEVA' or 'the Group'), one of the world's leading providers of engineering data and design IT systems, gives an update on trading covering the nine months to 31 December 2017 and details of a recent significant contract.
AVEVA performed strongly in the first nine months of its financial year, with the improving growth trend seen in the first half continuing into the third quarter. As a result the Group delivered constant currency revenue growth in the first nine months across all reporting regions with a particularly good performance in Asia Pacific.
This improved performance was driven by a sharp focus on sales execution, combined with a stabilisation of conditions in our Oil & Gas and Marine end markets. This strong execution has continued into January, with the closing of a significant contract with one of our key Global Account EPC customers. This substantial three-year renewal contract amalgamates business into one enterprise agreement with a broader scope following customer consolidation. This contract is expected to make a material revenue contribution to the current financial year.
As a result of the developments above, AVEVA is ahead of the Board's previous revenue expectations for this stage of the financial year, albeit with the final and most significant quarter of the year yet to complete.
As previously communicated, Completion of the proposed Combination of AVEVA and the Schneider Electric industrial software business is expected to occur at the end of February 2018. The review procedure of the Committee on Foreign Investments in the United States ("CFIUS") is still ongoing and clearance is expected to be received on or around 9 February 2018.
AVEVA intends to provide an update on trading for the Schneider Electric industrial software business on or around 15 February 2018.
AVEVA will update the market on other matters, including the appointment of a new Chief Executive Officer in due course.
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
IMPORTANT NOTICES:
Lazard & Co., Limited ("Lazard"), which is authorised and regulated in the UK by the Financial Conduct Authority, is acting as lead financial adviser to AVEVA and no one else in connection with the Combination and will not be responsible to anyone other than AVEVA for providing the protections afforded to clients of Lazard & Co., Limited nor for providing advice in relation to the Combination or any other matters referred to in this announcement. Neither Lazard & Co., Limited nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Lazard & Co., Limited in connection with this announcement, or any the Combination or any statement contained herein.
Numis Securities Limited ("Numis"), which is authorised and regulated in the UK by the Financial Conduct Authority, is acting as corporate broker, sponsor and financial adviser to AVEVA and no one else in connection with the Combination and will not be responsible to anyone other than AVEVA for providing the protections afforded to clients of Numis nor for providing advice in relation to the Combination or any other matters referred to in this announcement. Neither Numis nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Numis, in connection with this announcement, or the Combination or statement contained herein.
No person has been authorised to give any information or to make any representations other than those contained in this announcement and, if given or made, such information or representations must not be relied on as having been authorised by AVEVA, Lazard and/or Numis. Subject to the Listing Rules, the Prospectus Rules and the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the issue of this announcement shall not, in any circumstances, create any implication that there has been no change in the affairs of the AVEVA Group or Schneider Electric since the date of this announcement or that the information in it is correct as at any subsequent date.
This announcement does not constitute or form part of any offer, invitation to sell, otherwise dispose of or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities nor shall it or any part of it, nor the fact of its distribution form the basis of, or be relied on in connection with, any contract commitment or investment decision.
This announcement has been prepared for the purpose of complying with the applicable law and regulation of the United Kingdom and information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws and regulations of jurisdictions outside the United Kingdom.
The distribution of this announcement in jurisdictions other than the United Kingdom may be affected by the
laws of relevant jurisdictions. Therefore any persons who are subject to the laws of any jurisdiction other than
the United Kingdom will need to inform themselves about, and observe any, applicable requirements.
This announcement does not constitute an offer of securities for sale in the United States or an offer to acquire or exchange securities in the United States. No offer to acquire securities or to exchange securities for other securities has been made, or will be made, directly or indirectly, in or into, or by use of the mails, any means or instrumentality of interstate or foreign commerce or any facilities of a national securities exchange of, the United States or any other country in which such offer may not be made other than (i) in accordance with the tender offer requirements under the US Securities Exchange Act of 1934, as amended, or the securities laws of such other country, as the case may be, or (ii) pursuant to an available exemption from such requirements.
Neither the content of AVEVA nor Schneider Electric website, nor any website accessible by hyperlinks on AVEVA or Schneider Electric website is incorporated in, or forms part of, this announcement.