AVEVA GROUP PLC
FY 2021 H1 Trading Update
AVEVA Group plc ('AVEVA' or 'the Group'), a global leader in engineering and industrial software, announces the following trading update for the period from 1 April 2020 to 30 September 2020.
Notwithstanding Covid-19 related disruption, there has been solid demand for AVEVA's software due to its ability to drive efficiency, flexibility and sustainability for customers across a wide range of industries. AVEVA has performed creditably in the first half against this backdrop and its outlook for the full year remains unchanged.
The Group expects to report revenue of approximately £333 million for the first half of FY 2021. This is broadly in-line with the Group's plan for the shape of the year, save for an increased FX translation headwind and two medium sized subscription deals slipping from Q2 into Q3.
Adjusting for the previously disclosed early renewal of a significant Global Account contract, which caused a £20 million pull forward of revenue into September 2019, the organic constant currency revenue decline was 7%. Without this adjustment, the decline was 12%.
The order pipeline for the remainder of the financial year is strong, underpinned by a higher volume of contract renewals, including major Global Account contracts, as well as the contracts that slipped from the second quarter. As such, the Board expects to see solid revenue growth in the second half and remains confident in the full year outlook.
AVEVA will announce its results for the six months ended 30 September 2020 on 5 November 2020.
AVEVA Group plc
Matthew Springett, Head of Investor Relations: +44 (0) 1223 556 676
FTI Consulting LLP
Edward Bridges / Dwight Burden: +44 (0) 203 727 1000