Aveva positive on prospects as FY profits rise
Updated : 07:53
Industrial and engineering software provider Aveva said full year pre-tax profits rose 21.7% to £46.7m driven by increasing demand for industrial software as it said was on track to meet medium-term targets.
Reporting its first full year since buying Schneider Electrical's industrial software business, Aveva said revenue rose 57.6% to £766.6m as adjusted earnings (EBIT) grew 19.8% to £184.5m.
The final dividend was lifted 7.4% to 29.0p per share.
“Demand for AVEVA's products is strong, driven by the ongoing digitalisation of the industrial world and stable conditions in key end market,” the company said
“Therefore, the outlook remains positive and AVEVA is on-track to meet its 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 Adjusted EBIT margin to 30%.