AVEVA Group plc announces its interim results for the six months ended 30 September 2013.
HIGHLIGHTS
- Good performance in H1 with group revenue up 11% to £108.5m and adjusted profit before tax up 13% to £32.3m
- Engineering & Design Systems revenue up 12% : Enterprise Solutions revenue up 5%
- AVEVA Everything3D™ – momentum on track, with one major EPC customer intending to use the platform for all new projects from Q4 2014 and our discussions on adoption with other leading EPCs progressing in line with expectations
- High recurring revenues maintained at 70% of total sales, with strong growth in rental licences (+14% versus prior year)
- Adjusted profit before tax margin increased 46 basis points to 29.8% (2012 - 29.3%)
- Innovation and technology leadership continues as we enter H2, with the launch of AVEVA E3D Insight™ for Mobile and Cloud in October
- Cash generated from operations before tax increased 32% over the prior year, as a result of strong working capital management and cash collection
Commenting on the outlook, Chief Executive Richard Longdon said: "AVEVA remains well positioned with broad exposure to multiple growth markets and high recurring revenues. We have clearly demonstrated our technology leadership putting significant distance between us and the competition, and we are excited about the opportunities for our new Cloud and Mobile solutions in particular. The pipeline for the ES division remains substantial, and we remain confident of the long-term potential in this business. The strong momentum in our EDS business along with the improvement in overall profitability achieved in H1, give us confidence that the Group will deliver the Board’s expectations for the full year"
