20th Feb 2020 08:47
(Alliance News) - AVEVA Group PLC on Thursday said revenue has grown in its financial year to date, but warned that coronavirus is hurting its operations in China.
The engineering and industrial software company said it has achieved high single-digit organic constant currency revenue growth in the ten months to the end of January.
AVEVA explained that growth was supported by "strong orders" in Rental & Subscription, partly offset by "significantly" lower Initial & Perpetual licences.
On a regional basis, the Cambridge-headquartered company said it has achieved growth across all of its reporting segments, with particularly "good" growth in Asia Pacific.
AVEVA said the ongoing disruption in China - caused by the coronavirus - is hurting its sales in that country due to travel restrictions and office closures. China has historically accounted for around 5% of AVEVA's overall revenue.
Looking ahead, AVEVA said it had a "good" start to the fourth quarter of its current financial year and the order pipeline for the remaining weeks is "solid".
AVEVA's FTSE 100-listed shares were trading up 0.1% in London on Thursday at 5,295.00 pence each.
By Evelina Grecenko; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
AVV.L