logo-loader

AVEVA maintains dividend after year of strong growth

Published: 17:16 09 Jun 2020 AEST

Aveva Group -

AVEVA PLC (LON:AVV) is seeing some impact from the disruption caused by the global downturn and expects this to continue for a few months yet.

Unlike some companies, however, the company has pressed ahead with dividend payments, revealing in its results statement for the year to the end of March that it would pay an unchanged final dividend of 29p.

Revenue in the year just ended rose 8.8% to £833.8mln from £766.6mln the year before, with like-for-like sales on a constant currency basis up 7.4%.

Recurring revenue rose 25.7% to £518.5mln from £412.6mln the year before and now represents 62.2% of total revenue, up from 43.8% in the previous fiscal year.

Adjusted underlying earnings (EBIT) jumped 23.3% to £216.8mln from £175.9mln the year before, with margins up to 26.0% from 22.9%.

Profit before tax from continuing operations practically doubled to £92.0mln from £46.7mln the year before.

“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,” said Craig Hayman, the chief executive officer of AVEVA.

“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,” he added.

Shares in AVEVA were up 1.8% at 4,093p in early deals.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

12 hours, 41 minutes ago