AVEVA GROUP PLC PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2011 25 May 2011
AVEVA Group plc ('AVEVA'; stock code : AVV), one of the world's leading providers of engineering data and design IT systems, today announces its audited results for the year ended 31 March 2011.
- Record revenues of £174.0 million (2010 - £148.3 million), a 17% increase (of which 14% organic)
- Adjusted* profit before tax up 8% to £54.7 million (2010 - £50.7 million)
- Reported profit before tax of £49.8 million (2010 - £49.6 million)
- Adjusted* basic earnings per share up 10% to 56.08 pence (2010 - 50.92 pence)
- Basic earnings per share of 50.85 pence (2010 - 49.36 pence)
- Increased final dividend of 14.89 pence (2010 - 13.90 pence) taking total dividend up 8% to 18.25 pence (2010 - 16.90 pence)
- Strong balance sheet with net cash and deposits at 31 March 2011 of £153.2 million (2010 - £149.7 million)
- Strong performance in high growth markets including BRIC countries
- Maintained technology leadership position with investment in R&D up 34% to £28.1 million
- Reorganisation of business into Enterprise Solutions and Engineering and Design Systems
- Further progress with AVEVA NET during the year
* Adjusted profit before tax and adjusted basic 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. In addition, adjusted basic earnings per share also include the tax effects of these adjustments.
Commenting on the outlook, Chairman Nick Prest said:
“2010/11 has seen good growth for AVEVA with a particularly strong performance in the emerging markets, mainly driven by Oil and Gas and Power. We have seen an improvement in business conditions in the last quarter of the year and we remain cautiously optimistic that this will continue into 2011/12. We increasingly expect to see Enterprise Solutions, of which AVEVA NET is part, emerging as a significant business stream alongside our established Engineering and Design Systems business.
With our leading technology, global presence, long-term customer relationships, key skills and domain knowledge, AVEVA is well placed to continue to exploit the structural growth opportunities in emerging economies as well as capitalise on the improving economic conditions in mature markets.”
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