24th Oct 2019 08:12
(Alliance News) - Engineering and industrial software firm AVEVA Group PLC said Thursday that strong sales execution has led to solid revenue growth.
AVEVA achieved low double-digit revenue growth on a proforma constant-currency basis in the financial first half ended September. On a reported basis, revenue benefited from foreign exchange movements, the company said.
"This growth reflects a continuation of the strong sales execution seen in the first quarter, and further benefited from the early renewal of a large engineering, procurement, and construction contract and a moderate increase in revenue from multi-year contracts," commented FTSE 100-listed AVEVA, without naming the large client.
The revenue mix was "positive", said AVEVA, with every region delivering growth. Rental & Subscription was "very strong", partly offset by expected lower revenue in the Initial & Perpetual Licences and Services units.
AVEVA's balance sheet is strong, the company said, following dividend payments and acquisition costs of over GBP65 million.
AVEVA will report results for the six months to September on November 12.
The stock was up 1.6% at 3,982.00 pence early Thursday in London.
By George Collard; [email protected]
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