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Software group Aveva announces revenue growth

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Aveva issued a bullish outlook after trading bounce back in the second half

AVEVA, specialists in engineering and industrial software, announce a revenue growth of 9 per cent in the first half of the financial year on a pro forma organic constant currency.

Pro forma organic constant currency revenue growth includes both AVEVA and OSIsoft in the prior year comparator. It is adjusted for foreign exchange translation movements, disposals and the impact of the deferred revenue haircut.

For the multinational company, this increase drove significant margin leverage and growth in adjusted earnings before interest and taxes.

All of the Group’s fee types grew, with a particularly strong contribution from the recently acquired OSIsoft business, a manufacturer of application software for real-time data management. The acquisition was worth £3.8m.

AVEVA’s ecosystem includes 5,500 partners and 5,700 certified developers around the world.

The group’s maintenance and services revenue increased at a low single digit rate, while Subscription and Perpetual licence revenue grew at a mid- to high-teens rate.

AVEVA will report its results for the six months ended 30 September 2021 on 10 November 2021.