Summary

AVEVA Group plc ('AVEVA' or 'the Group'), one of the world's leading providers of engineering design and information management software, today announces its interim results for the six months ended 30 September 2017.

 

Six months ended 30 September  2017   2016  % Change
Revenue £93.9m   £84.3m  11.5%
Adjusted* profit before tax £10.3m   £9.1m  13.2%
Adjusted* diluted earnings per share

 12.35p 

  9.92p 24.5%
Exceptional acquisition costs** £20.0m   -
(Loss)/profit before tax   (£12.4m)  £5.5m  -
Basic (loss)/earnings per share (19.91p)  6.47p -
Net cash £133.0m   £124.4m  6.8%

 

*Adjusted profit before tax and adjusted earnings per share are 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. Adjusted earnings per share also include the tax effects of these adjustments.

** Exceptional costs of £20.0m were incurred in relation to the planned combination with the Schneider Electric Software Business.

 

Highlights

  • Good performance reflects strong sales execution and more stable market conditions
  • Revenue increased 11.5% to £93.9 million (2016 – £84.3 million)
  • Constant currency revenue up 5.9%, with strong growth in Asia Pacific and stabilisation in EMEA
  • Adjusted profit before tax up 13.2% to £10.3 million (2016 – £9.1 million)
  • Reported loss before tax of £12.4 million (2016 – £5.5 million profit) as a result of the exceptional costs incurred in relation to the Schneider Electric Software Business combination 
  • Constant currency adjusted profit before tax up 16.1%
  • Full year outlook remains in line with the Board's expectations
  • Preparation for completion is on track with closure expected to be at or around the end of 2017. A further update on progress and timing will be provided in due course

CEO Comment

Chief Executive James Kidd said:

“I am pleased with AVEVA's performance in the first half. Although we have yet to see a broad-based recovery in our end markets, we have seen solid growth in constant currency revenue and adjusted profit before tax. This improved performance was partly driven by the changes made to the business last year, when we simplified AVEVA's management structure, giving both greater decision-making capabilities and direct accountability for performance to our regions. The Board remains confident in AVEVA's outlook for the full year and excited about the growth opportunities that the combination with the Schneider Electric Software Business will bring.”