AVEVA Group plc ('AVEVA'; stock code: AVV), one of the world's leading providers of engineering data and design IT systems, today announces its interim results for the six months ended 30 September 2015.

  2015 2014 % Change
Revenue £82.0m £85.9m (5%)
Organic constant currency revenue** £85.1m £85.9m (1%)
Adjusted* profit before tax £9.3m £17.1m (46%)
Organic constant currency adjusted* profit before tax £13.7m £17.1m (20%)
(Loss)/profit before tax (£0.8m) £14.2m (106%)
Adjusted* profit before tax margin 11.3% 19.9%
Basic (loss)/earnings per share (3.99p) 16.75p (124%)
Adjusted* basic earnings per share 10.06p 20.50p (51%)
Net cash £105.7m £116.4m (9%)
Interim dividend per share 6.0p 5.5p 9%

*Adjusted profit before tax, adjusted profit margin 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.

**Organic constant currency revenue is defined as the period's reported revenue restated to reflect the previous year's average exchange rates and excludes the contribution from acquisitions.

  • Organic, constant currency revenue broadly unchanged at £85.1 million
  • Organic, constant currency recurring revenues +4% to £64.3 million (2014 - £61.8 million)
  • Operating cash flow before tax +37% to £30.9 million (2014 - £22.5 million)
  • Interim dividend per share increased by 9% to 6.0 pence per share
  • Focus on sales execution delivering benefits in upselling non-3D products and winning new customers
  • AVEVA Everything3D™ (AVEVA E3D™) momentum remains strong with 320 customers
  • We anticipate a result in line with the Board’s current expectations for the full year

Commenting on the outlook, Chief Executive Richard Longdon said:

“We have been pleased with the resilient performance in the first half particularly with our recurring revenue growing on an underlying basis and a general strengthening of our pipeline. The focus on sales execution is beginning to deliver benefits and we have been encouraged by gaining some early momentum in diversifying into under-penetrated industries and maximising the opportunities with our existing customers through ‘One AVEVA’. This is clearly evident in the new business won in the first half of the year with new and existing customers. We are confident in our technology leadership as well as the long-term structural growth drivers that underpin the markets we serve and, in the current fiscal year, we expect to achieve a result in line with the Board’s expectations.”