AVEVA Group PLC Announces its Results for the Year Ended 31 March 2020
CAMBRIDGE, UK, 9th June 2020 - AVEVA Group plc ('AVEVA' or 'the Group') results for the year ended 31 March 2020.
AVEVA delivers strong growth and makes significant progress towards its medium-term targets.
|Year ended 31 March
| Recurring revenue2
| Adjusted EBIT3
| Adjusted EBIT Margin
| Profit/(Loss) before tax
| Adjusted3 diluted earnings per share
| Diluted earnings per share
| Final dividend per share
- Revenue grew 8.8% to £833.8m (FY19: £766.6m)
- Organic constant currency revenue4 grew 7.4%
- Recurring revenue up 25.7% to £518.5m (FY19: £412.6m) representing 62.2% of total revenue (FY19: 53.8%)
- Growth across all geographic regions with Asia Pacific showing particular strength
- Each of the Business Units grew, with strong growth in Asset Performance Management (APM) and Planning & Operations
- Successful introduction of AVEVA Flex subscription model supporting strong growth in subscription
- Cloud growth accelerating with an increase of some 200% in total contract value
- Adjusted EBIT up 23.3% to £216.8m (FY19: £175.9m) with margins up to 26.0% (FY19: 22.9%), in-line with expected progress towards medium term target of 30%
- Strong balance sheet with cash and deposits of £114.6m, no debt and strong cash collection post year end
- Final dividend maintained at 29.0 pence per share reflecting confidence in AVEVA’s resilience, strong balance sheet position and ongoing cash generation, balanced with prudence regarding the global economic crisis. The Company has not furloughed any employees or made any reductions to headcount related to Covid-19. We also do not expect to utilise any government-backed financing
- Business outlook resilient with digitalisation key to driving customers’ efficiency and high levels of recurring revenue for AVEVA
Chief Executive Officer, Craig Hayman said:
“I am very pleased with AVEVA’s performance over the last year. The Group has grown as we play a leading role in the digitalisation of the industrial world, which is being driven by a need for sustainability, the industrial internet of things, Cloud, data visualisation and artificial intelligence. At the same time, we continued to drive operational improvement in the business, which is increasing recurring revenue and margins.
AVEVA’s team has adapted impressively to the current market and operating environment. The safety of our employees is paramount and I was very pleased that we managed to deliver a successful close to our financial year with 95% of employees working remotely. We are focused on being digital in everything that we do, accelerating Cloud and driving the roll out of our subscription offering, AVEVA Flex.
Looking forward, AVEVA is well placed to navigate through the challenges of the current environment, with the benefit of recurring revenue from multi-year contracts. AVEVA is in a strong position and our strategy and medium-term objectives remain unchanged.”
1 Revenue is shown on a statutory basis. In FY19 revenue was also shown on a pro forma basis.
2 Recurring revenue is defined as subscription revenue plus maintenance revenue.
3 Adjusted Earnings Before Interest and Tax (EBIT) and Adjusted Earnings Per Share (EPS) 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.
4 Organic constant currency revenue excludes the reverse acquisition accounting adjustment to deferred revenue in FY19 and FY20; a currency translation benefit of £7.6 million; and adjusts for the disposals of Wonderware Italy, Germany and Scandinavia, and the acquisition of MaxGrip.
AVEVA Group plc
Matt Springett, Head of Investor Relations
Tel: 07789 818 684
FTI Consulting LLP
Edward Bridges / Dwight Burden
Tel: 0203 727 1017
Webcast and conference call
AVEVA will host a conference call and webcast, for registered participants, at 09:30 (BST) today.
To register for the webcast and access the presentation materials please visit: www.aveva.com/Investors
Conference calls dial in details:
Telephone UK: +44 (0) 2071 928 000 / 0800 376 7922
Telephone US: +1 866 966 1396 / +1 631 510 7495
Conference call code: 4799483
Conference call participants will be able to ask questions during the Q&A session and are also advised to watch the webcast.
A replay of the webcast call will be made available later in the day.
AVEVA Media Contacts
Director Global PR and External Communications
Tel: +44 (0) 7917 554382