AVEVA GROUP PLC
AVEVA Group plc ('AVEVA' or 'the Group'), a global leader in engineering and industrial software, provides a trading update for the year ended 31 March 2019.
The positive performance seen in the first nine months of the year continued in the fourth quarter and AVEVA delivered low double-digit revenue growth on a full year, pro forma IFRS 15 basis, compared to the prior year. As in the first 9 months, this growth included some benefit from upfront revenue recognition on multiyear rental contracts.
Full year operating margins improved, albeit with additional costs being incurred due to the strong sales performance, together with investment to ensure that AVEVA is optimally positioned to capture future growth opportunities.
The integration of the heritage AVEVA and Schneider Electric industrial software business has continued to progress well. As AVEVA starts the new financial year, further progress is expected on delivering medium-term targets, with a focus on transition to rental and subscription licencing.
AVEVA will announce its results for the year ended 31 March 2019 on 29 May 2019.
AVEVA Group plc
Matt Springett, Head of Investor Relations
Tel: 01223 556 676
FTI Consulting LLP
Edward Bridges / Dwight Burden
Tel: 020 3727 1000
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.