AVEVA Group plc ('AVEVA'; stock code: AVV), one of the world's leading providers of engineering data and design IT systems, today announces its preliminary results for the year ended 31 March 2016.
|Organic Constant currency revenue**||£204.4m||£207.6m||(2%)|
|Adjusted* profit before tax||£51.2m||£62.1m||(18%)|
|Profit before tax||£29.4m||£54.9m||(46%)|
|Adjusted* profit before tax margin||25.4%||29.8%||(15%)|
|Basic earnings per share||32.03p||65.07p||(51%)|
|Adjusted* basic earnings per share||62.04p||74.51p||(17%)|
|Final dividend per share||30.0p||25.0p||20%|
*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 8over8 and FabTrol.
- Results in line with 19 April trading update: revenue of £201.5 million (2015 – £208.7 million) and adjusted PBT of £51.2 million (2015 – £62.1 million)
- AVEVA benefited from its strong customer relationships, with organic constant currency recurring revenue at £156.3 million (2015 – £157.4 million) or 76% of total Group revenue (2015 – 76%)
- Global account rental renewals in line with expectations in second half of the year, with price escalation achieved in multi-year contracts
- Proposed increase in final dividend of 20% to 30.0 pence per share (2015 – 25.0 pence), signalling the Board’s confidence in the outlook whilst leaving significant headroom for strategic acquisitions
- Highly encouraging performance from AVEVA Everything 3D™ (AVEVA E3D™) with an acceleration in revenue growth in the second half and contributing c.10% of revenue in 2016 (2015 – less than 5%)
- Good progress in our initiative to sell our non-3D products (More than 3D), for example double-digit growth in schematics and continued strong growth in laser modelling
- Operating cash conversion was 123% (2015 – 83%) with net cash of £107.9 million (2015 – £103.8 million) rising to £123.5 million at 30 April 2016 following strong cash collection post year end
Commenting on the outlook, Chief Executive Richard Longdon said:
“The result for the year has highlighted the strength of the AVEVA business model, the value that our technology delivers to our customers and our ability to adapt to changing market conditions through a disciplined approach to innovation and organisational efficiency. Whilst we recognise the challenges in our markets, the Board is confident that we can achieve our targets in the current financial year and over the medium term.”