19th Apr 2018 09:34
LONDON (Alliance News) - Engineering and industrial software firm AVEVA Group PLC said on Thursday it is expecting revenue to meet expectations after strong performance for the pre-merger heritage group in its recent financial year.
AVEVA combined with Schneider Electric SA's industrial software business in March, and this revenue guidance is given on a pro forma basis.
Trading was "strong" for heritage AVEVA, it said, in its year ended March. Conditions in the Oil & Gas and Marine markets stabilised, leading to second half revenue growth.
Overall during its recent year, revenue increased at a "comfortable" double-digit rate on a currency neutral basis, with growth at 5.9% in its first half.
AVEVA noted the heritage Schneider business also did well, recording low single digit revenue growth on a currency neutral basis in the 12 months to March.
Schneider separately reported Thursday that its own first-quarter 2018 revenue was EUR5.80 billion, up 6.2% organically, up 7.7% working day adjusted, and down 0.7% on a reported basis.
AVEVA's full-year results will be announced June 14. Shares were up 4.4% early Thursday at 2,150.00 pence each.
Related Shares:
AVV.L