Aveva reports revenue growth, strong performance in Asia Pacific
Source - SMW
Aveva Group, one of the world's leading providers of engineering data and design IT systems, reported strong performance in the first nine months through 31 December 2017.
The Group delivered constant currency revenue growth in the first nine months across all reporting regions with a particularly good performance in Asia Pacific. 'This improved performance was driven by a sharp focus on sales execution, combined with a stabilisation of conditions in our Oil & Gas and Marine end markets,' Aveva said in a trading update.
The company said strong execution has continued in January following the 'closing of a significant contract with one of our key Global Account EPC customers', adding that it expects the contract to make a material revenue contribution to the current financial year.
'The three-year renewal contract amalgamates business into one enterprise agreement with a broader scope following customer consolidation,' Aveva said.
The company said it expects the completion of the proposed combination of Aveva and the Schneider Electric industrial software business to occur at the end of February 2018. A trading for the Schneider Electric industrial software business is slated for or around 15 February 2018.
'Aveva is ahead of the Board's previous revenue expectations for this stage of the financial year, albeit with the final and most significant quarter of the year yet to complete,' Aveva said in a trading statement.
At 9:18am: (LON:AVV) AVEVA Group PLC share price was +139p at 3041p