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Annual Results

AVEVA resilient in challenging conditions

23 May 2017 08:11

Engineering data and design IT systems provider AVEVA Group's pre-tax profits rose by 60% to £46.9m in the year to the end of March, supported by a strong focus on cost control.

Revenues increased by 7% to £215.8m and adjusted pre-tax profits rose to £55.0m from £51.2m.

The group declared a final dividend of 27.0 pence per share, taking the total dividend to 40.0 pence per share (2016 - 36.0 pence) - an increase of 11.1%.

Chief executive James Kidd said: "AVEVA's performance was resilient in the context of challenging conditions in our core Oil & Gas and Marine end markets.

"This demonstrated the strength of our business model, with high levels of recurring revenue and continued strong cash generation.

"We made good progress in delivering against our growth strategy, with significant new order wins in the Owner Operator market, growing sales of our More Than 3D products and success in broadening our end market exposure.

"Although the timing of a return to material demand growth in our core end markets is difficult to predict, I am confident that our strategy will deliver good growth in the medium-term and that AVEVA is well positioned to benefit from a recovery in our end markets."

At 8:11am: (LON:AVV) AVEVA Group PLC share price was -7p at 2036p

Story provided by StockMarketWire.com

Related Company: AVV

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