Summary

Combined AVEVA Group on a 12 month pro forma basis

 

Year ended 31 March

2018

2017

% Change

Revenue

£704.6m

£648.7m

8.6%

Heritage AVEVA

£248.2m

£215.8m

15.0%

Heritage SES

£456.4m

£432.8m

5.4%

Adjusted* EBIT

£165.6m

£152.0m

8.9%

Heritage AVEVA

£67.6m

£54.6m

23.8%

Heritage SES

£98.0m

£97.3m

0.7%

Profit before tax

£64.6m

£98.3m

(34.3)%

Adjusted* profit before tax

£162.8m

£152.4m

6.8%

Diluted earnings per share

40.9p

47.3p

13.5%

Adjusted* diluted earnings per share

75.6p

67.6p

11.8%

 

*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

  1. Pro forma revenue for the combined Group grew 8.6% to £704.6m (2017£648.7m) adjusted EBIT grew 8.9% to £165.6m (2017£152.0m) and adjusted profit before tax grew 6.8% to £162.8m (2017£152.4m)
  2. Strong performance from the heritage AVEVA business with revenue up 15.0% to £248.2m (2017 – £215.8m), helped by FX tailwinds (+1.5%) and a large contract (+3%) to give underlying growth of c.10%.Adjusted profit before tax up 23.3% to £67.8m (2017 £55.0m) representing a margin of 27.3% (2017 – 25.5%)
  3. Robust performance from the heritage Schneider Electric industrial software business (‘SES’) with revenue up 5.4% to £456.4m (2017 £432.8m) adjusted EBIT up 0.7% to £98.0m (2017£97.3m)
  4. On a statutory basis, revenue grew 15.3% to £499.1m (2017 – £432.8m) and profit before tax fell 8.8% to £46.9m (2017 – £51.4m)
  5. Proposed final dividend maintained at 27.0 pence per share following the return of value of £10.15 per share in March 2018
  6. AVEVA announces that it is targeting annualised cost synergies of £25m  which we expect to be fully implemented by the end of the 2020 financial year with the Combination also expected to generate material revenue synergies over the medium term

CEO Comment

Chief Executive Officer, Craig Hayman said:

“The last 12 months have been transformational for AVEVA, and the years ahead will be even more exciting as a global leader in industrial software. There is an accelerating, secular trend toward the digitalisation of industry and the combined Group is uniquely placed to capture this opportunity.

Our suite of proven solutions, deep sector expertise and global partner ecosystem, will help to drive innovation across the whole lifecycle of our customers’ assets: from design, through to operations and maintenance, maximising returns on investment to the capital intensive industries we serve. 

I am pleased with the results that we have announced today, which are a credit to the hard work of our people in what has been a very busy year. The integration of the business has begun in earnest to drive top-line synergies. I am excited about the opportunities that lie ahead of us and will be focused on driving profitable growth.”