Highlights
Revenue grew 8.8% to £833.8m (FY19: £766.6m)
Organic constant currency revenue4 grew 7.4%
Recurring revenue up 25.7% to £518.5m (FY19: £412.6m) representing 62.2% of total revenue (FY19: 53.8%)
Growth across all geographic regions with Asia Pacific showing particular strength
Each of the Business Units grew, with strong growth in Asset Performance Management (APM) and Planning & Operations
Successful introduction of AVEVA Flex subscription model supporting strong growth in subscription
Cloud growth accelerating with an increase of some 200% in total contract value
Adjusted EBIT up 23.3% to £216.8m (FY19: £175.9m) with margins up to 26.0% (FY19: 22.9%), in-line with expected progress towards medium term target of 30%
Strong balance sheet with cash and deposits of £114.6m, no debt and strong cash collection post year end
Final dividend maintained at 29.0 pence per share reflecting confidence in AVEVA’s resilience, strong balance sheet position and ongoing cash generation, balanced with prudence regarding the global economic crisis. The Company has not furloughed any employees or made any reductions to headcount related to Covid-19. We also do not expect to utilise any government-backed financing
Business outlook resilient with digitalisation key to driving customers’ efficiency and high levels of recurring revenue for AVEVA
Chief Executive Officer, Craig Hayman said:
“I am very pleased with AVEVA’s performance over the last year. The Group has grown as we play a leading role in the digitalisation of the industrial world, which is being driven by a need for sustainability, the industrial internet of things, Cloud, data visualisation and artificial intelligence. At the same time, we continued to drive operational improvement in the business, which is increasing recurring revenue and margins.
AVEVA’s team has adapted impressively to the current market and operating environment. The safety of our employees is paramount and I was very pleased that we managed to deliver a successful close to our financial year with 95% of employees working remotely. We are focused on being digital in everything that we do, accelerating Cloud and driving the roll out of our subscription offering, AVEVA Flex.
Looking forward, AVEVA is well placed to navigate through the challenges of the current environment, with the benefit of recurring revenue from multi-year contracts. AVEVA is in a strong position and our strategy and medium-term objectives remain unchanged.”
