Aveva delivers low double-digit revenue growth as momentum continues
Source - SMW
Aveva said Thursday revenue growth was in the low double-digit for the first months of its fiscal year as momentum seen in first half had continued into the third quarter.
Aveva delivered low double-digit revenue growth in the first nine months of the financial year, led by strong sales execution as upfront revenue recognition on multiyear rental contracts also boosted growth.
Software sales grew at a faster rate compared to services resulting in a modest improvement in gross margin, the company said. Operating margin as better-than-expected sales performance helped to ease some additional costs incurred.
The integration of the heritage AVEVA and Schneider Electric industrial software business has progressed well.
For the full year, the company said its outlook remained positive, though reminded investors it faced a 'tougher comparative period in the fourth quarter.'
At 9:33am: (LON:AVV) AVEVA Group PLC share price was +36p at 2974p