Aveva backs full-year outlook as it makes 'good' start to year
Engineering and industrial software company Aveva backed its full-year outlook on Thursday as it said it made a "good" start to the financial year.
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In the period from 1 April to the end of June, Aveva recorded high single digit revenue growth at constant currency. On a reported basis, first-quarter revenue growth was low single digit, including the benefit of a foreign currency translation tailwind.
Rental and subscription revenue grew "strongly" in Q1, underpinned by the launch of Aveva Flex, its subscription offering for monitoring and control.
Aveva said each of its regions grew compared to the same quarter last year, with Asia Pacific showing "significant" year-on-year growth. Each of the business units also grew in the quarter, with a particularly strong showing in engineering.
The group had net cash and treasury deposits of £114.6m at 30 June.
"The full year outlook remains in line with the board's expectations," the company said.