19 Apr 2018 07:00
19 April 2018
AVEVA GROUP PLC
Year End Trading Update
AVEVA Group plc ('AVEVA' or 'the Group'), a global leader in engineering and industrial software, today provides the following trading update for the financial year ended 31 March 2018, based on unaudited results.
AVEVA combined with the Schneider Electric industrial software business ('heritage SES business') on 1 March 2018. To provide a better understanding of the combined trading performance and to improve transparency, non-statutory results will be given for the combined enlarged Group on a 12 month pro-forma basis when AVEVA reports its full year results. In addition to this, summary standalone results for the 12 months to 31 March 2018 will be shown for each of the heritage AVEVA Group and the heritage SES businesses.
As previously explained, the statutory results for the financial year are required to be presented on a reverse acquisition basis. This will represent 12 months of trading for the heritage SES business and the results of the heritage AVEVA Group for the one month of trading following the completion of the combination on 1 March 2018.
On a 12 month pro-forma basis, revenue for the enlarged AVEVA Group is expected to be in-line with the Board's expectations.
Trading for the heritage AVEVA Group was strong during the year ended 31 March 2018. A sharp focus on sales execution, combined with a stabilisation of conditions in our Oil & Gas and Marine end markets, drove an acceleration of revenue growth in the second half, such that full year revenue grew at a comfortable double digit rate on a currency neutral basis, up from 5.9% in the first half. This included the benefit of increased initial licence fees relating to Marine contracts and the impact of a substantial three-year contract renewal with one of our key Global Account EPC customers.
Trading for the heritage SES business was solid during the year ended 31 March 2018. Trends seen during the first half largely continued, leading to low single digit revenue growth on a currency neutral basis.
Further details will be provided when AVEVA announces its results for the financial year on 14 June 2018.
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