Summary

Combined AVEVA Group on a pro forma basis

 

Six months ended 30 September

2018

2017

Change

 


Results shown on a combined pro forma basis
2

Revenue

£343.0m

£309.4m

10.9%

Adjusted3 profit before tax

£60.5m

£39.2m

54.3%

Adjusted3 diluted earnings per share

29.48p

20.85p

41.4%

 

 

2  Pro forma results include results for both heritage SES and heritage AVEVA for the six months to 30 September 2017 and exclude an adjustment to revenue of £6.5m for the six months to 30 September 2018 reflecting a reverse acquisition accounting adjustment to deferred revenue on the opening balance sheet.

3 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.

 

Highlights

  • On a pro forma basis, revenue for the combined Group grew 10.9% to £343.0m (H1 FY18: £309.4m) and adjusted profit before tax grew 54.3% to £60.5m (H1 FY18: £39.2m)
  • On a statutory basis, revenue was up 56.4% to £336.5m (H1 FY18: £215.1m) principally as a result of only the heritage SES business numbers being reported in the comparative period. Loss before tax was £5.5m (H1 FY18: profit of £7.8m)
  • Recurring revenue up 18.7% and adjusted PBT margin up 490bps
  • Interim dividend 14.0 pence per share (H1 FY18: nil)
  • Integration remains on track with new organisational structures in place across the Group, integrated product solutions developed and showcased to customers, and cost synergy programmes under way
  • Net cash of £81.8m (FY18: £95.9m) following payment of full year dividend
  • Full year outlook remains positive

CEO Comment

Chief Executive Officer, Craig Hayman said:

The industries that AVEVA serves are making increasing use of technology. This is being driven by ongoing secular trends driving growth in demand for industrial software. AVEVA is optimally placed to capture this demand due to its unique end-to-end product portfolio. AVEVA delivered a good performance in the first half of the financial year. Sales execution was strong, integration is on-track and the results represent a good base to build on in the second half. We remain confident in the outlook and are making progress towards our medium term targets of delivering revenue growth at least in-line with the industrial software market, increasing recurring revenue as a percentage of overall revenue and improving AVEVA’s Adjusted EBIT margin to 30%.”

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