AVEVA Group plc (LON:AVV) today announced its results for the year ended 31 March 2019. The statutory results1 show 12 months of trading for the heritage Schneider Electric industrial software business (‘SES’) in the comparative period to March 2018, together with one month of the heritage AVEVA business. To provide further understanding of the combined trading performance and to improve transparency, non-statutory results are also shown for the combined Group on a pro forma basis2. Statutory and pro forma results are shown on an IFRS 15 basis in both periods.
Summary results
| Year ended 31 March | 2019 | 2018 | Change |
| Results shown on a combined pro forma basis2 | |||
| Revenue | £775.2m | £692.5m | 11.9% |
| Adjusted EBIT3 | £184.5m | £154.0m | 19.8% |
| Adjusted3 diluted earnings per share | 90.90p | 71.59p | 27.0% |
| Statutory results shown on a reverse acquisition basis1 | |||
| Revenue | £766.6m | £486.3m | 57.6% |
| Profit before tax | £46.7m | £34.5m | 35.4% |
| Diluted earnings per share | 20.90p | 39.72p | (47.4)% |
Highlights
· On a pro forma basis, revenue for the combined Group grew 11.9% to £775.2m (FY18: £692.5m) and adjusted EBIT grew 19.8% to £184.5m (FY18: £154.0m)
· Recurring revenue4 grew to 54.3% (FY18: 51.6%) and pro forma adjusted EBIT margin increased to 23.8% (FY18: 22.2%)
· On a statutory basis, revenue grew 57.6% to £766.6m (FY18: £486.3m) and PBT was £46.7m (FY18: £34.5m)
· Final dividend up 7.4% to 29.0 pence per share (FY18: 27.0p)
· Net cash and deposits £127.8m (FY18: £95.8m)
· Outlook remains positive and AVEVA is on-track to meet its medium-term targets
Chief Executive Officer, Craig Hayman said:
“AVEVA delivered a strong performance in its first full year as a combined company and integration has progressed well across all functions of the business. Digitalisation is accelerating in the industries we serve, driving ongoing growth in demand for industrial software. AVEVA is well placed to capture this demand by working with its customers to turn opportunities into business value, delivering solutions across the asset and operations lifecycle. We remain confident in the outlook and in meeting our medium-term targets of delivering revenue growth at least in-line with the industrial software market, increasing recurring revenue as a percentage of overall revenue to 60% and improving AVEVA’s Adjusted EBIT margin to 30%.”
