14th Feb 2019 09:00
LONDON (Alliance News) - AVEVA Group PLC on Thursday said it delivered low double-digit revenue growth in the first nine months of the year.
For the nine months to the end of 2018, the engineering and industrial software provider said that its revenue surged due to the benefit of upfront revenue recognition on multiyear rental contracts.
For the year to March 2018, the company posted revenue of GBP704.6 million and pretax profit of GBP64.6 million.
"As planned, the revenue mix has been positive. Software sales grew at a faster rate compared to services resulting in a modest improvement in gross margin," the company said.
Operating margin also improved, despite the company incurring some additional costs due to the better-than-expected sales performance.
The company added that its outlook for full financial year remains positive.
AVEVA shares were trading up 1.8% at 2,990.00 pence each early Thursday morning.
Related Shares:
AVV.L