25th Jul 2019 08:44
(Alliance News) - AVEVA Group PLC on Thursday maintained annual expectations as it achieved revenue growth in the first quarter of its current financial year.
The engineering and industrial software firm has made a good start to its financial year begun April, it said, recording high single-digit revenue growth on a constant currency basis in the three months to the end of June.
On a reported basis, revenue growth was low double-digit, including the benefit of a foreign currency translation tailwind.
FTSE 100-listed AVEVA said rental and subscription revenue grew strongly in the first quarter, supported by the launch of AVEVA Flex, the subscription offering for monitoring and control.
From a geographical perspective, AVEVA said each of the regions grew versus the same quarter last year, with Asia-Pacific showing significant year-on-year growth. The anti-virus provider also highlighted particularly strong growth in Engineering.
Looking ahead, AVEVA said the full-year outlook remains in line with expectations.
The stock was trading 1.1% higher on Thursday in London at 4,002.00 pence each.
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