12th Nov 2019 08:19
(Alliance News) - AVEVA Group PLC on Tuesday expressed confidence for the future following a swing to profit in the first half of its current financial year.
The Cambridge-headquartered information technology company reported a pretax profit of GBP24.0 million for the six months to the end of September compared with GBP5.5 million loss a year ago, as revenue rose by 17% to GBP391.9 million from GBP336.5 million. Organic constant currency revenue grew by 12%.
AVEVA explained that it benefited from business integration and actions taken to optimise performance. At the same time, AVEVA's investment in sales & marketing was increased, it said, to help underpin future growth.
The FTSE 100-listed company increased its interim dividend by 11% to 15.5 pence a share from the 14.0p it paid a year earlier.
"AVEVA delivered a strong set of first half results," said Chief Executive Craig Hayman. "We made good progress against our medium-term targets."
He added: "Looking ahead, we see strong demand for digitalisation and industrial software within the industries we serve and remain confident in the outlook."
AVEVA shares were trading 2.3% higher early on Tuesday at 4,354.00p each in London.
By Evelina Grecenko; [email protected]
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