Summary

AVEVA delivers strong growth, outlook remains positive

AVEVA Group plc ('AVEVA' or 'the Group') announces its results for the year ended 31 March 2019. The statutory results1 show 12 months of trading for the heritage Schneider Electric industrial software business (‘SES’) in the comparative period to March 2018, together with one month of the heritage AVEVA business. To provide further understanding of the combined trading performance and to improve transparency, non-statutory results are also shown for the combined Group on a pro forma basis2. Statutory and pro forma results are shown on an IFRS 15 basis in both periods.

 

 

Year ended 31 March

2019

2018

Change

 

Results shown on a combined pro forma basis2

Revenue

£775.2m

£692.5m

11.9%

Adjusted EBIT3

£184.5m

£154.0m

19.8%

Adjusted3 diluted earnings per share

90.90p

71.59p

27.0%

 

Statutory results shown on a reverse acquisition basis1

Revenue

£766.6m

£486.3m

57.6%

Profit before tax

£46.7m

£34.5m

35.4%

Diluted earnings per share

20.90p

39.72p

(47.4)%

 

1 Statutory results are stated under reverse acquisition accounting principles and therefore the results for the 12 months to 31 March 2018 include 12 months of heritage SES and one month of heritage AVEVA.

2 Pro forma results include results for both heritage SES and heritage AVEVA for the 12 months to 31 March 2018 and exclude a negative adjustment to revenue of £8.6m for the 12 months to 31 March 2019 reflecting an acquisition accounting adjustment to deferred revenue on the opening balance sheet.

3 Adjusted Earnings Before Interest and Tax (EBIT) 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 includes the tax effects of these adjustments. When expressed on a pro forma basis they are also calculated before the acquisition accounting adjustment to deferred revenue.


 

 

 

Highlights

  • On a pro forma basis, revenue for the combined Group grew 11.9% to £775.2m (FY18: £692.5m) and adjusted EBIT grew 19.8% to £184.5m
    (FY18: £154.0m)
  • Recurring revenue4 grew to 54.3% (FY18: 51.6%) and pro forma adjusted EBIT margin increased to 23.8% (FY18: 22.2%)
  • On a statutory basis, revenue grew 57.6% to £766.6m (FY18: £486.3m) and PBT was £46.7m (FY18: £34.5m)
  • Final dividend up 7.4% to 29.0 pence per share (FY18: 27.0p)
  • Net cash and deposits £127.8m (FY18: £95.8m)
  • Outlook remains positive and AVEVA is on-track to meet its medium-term targets 
4 Recurring revenue is defined as rental and subscriptions software licence revenue plus support and maintenance revenue.

 

CEO Comment

Chief Executive Officer, Craig Hayman said:

“AVEVA delivered a strong performance in its first full year as a combined company and integration has progressed well across all functions of the business. Digitalisation is accelerating in the industries we serve, driving ongoing growth in demand for industrial software. AVEVA is well placed to capture this demand by working with its customers to turn opportunities into business value, delivering solutions across the asset and operations lifecycle. We remain confident in the outlook and in meeting 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 to 60% and improving AVEVA’s Adjusted EBIT margin to 30%.”

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