30th Jul 2021 10:33
(Alliance News) - Information technology company Aveva Group PLC on Friday reported revenue growth in the first quarter as momentum builds in its new financial year.
Cambridge, England-based Aveva provides software and services for engineering design, industrial processes and analysis of businesses performance.
The FTSE 100-listed firm maintained that it has had a "good start" to financial 2022.
In the three months that ended June 30, Aveva noted revenue growth of 11% on an organic constant currency basis.
"All of the group's revenue lines grew," the company said, "With Subscription growing in line with overall group revenue and perpetual licences increasing significantly."
In early July, the company noted a 10% revenue increase for the first two months of its current financial year.
Shares in Aveva were trading down 0.7% at 3,882.00 pence each in London on Friday morning.
As previously reported, the technology firm wants recurring revenue to account for 80% of income by financial 2026, with an targeted operating profit margin of at least 35%.
Aveva plans to target a revenue compound annual growth rate of around 10% by financial 2026, supported by revenue synergies from its merger with software firm OSIsoft, which are expected to be worth around USD100 million in 2026.
The company plans to issue its interim results - for the period ending September 30 - by November 9.
By Scarlett Butler; [email protected]
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