AVEVA Group plc (LON:AVV), a global leader in engineering and industrial software, announced today the following trading update for the period from 1 April 2019 to 30 June 2019.
The Group has made a good start to the financial year, recording high single digit revenue growth on a constant currency basis in the first quarter. On a reported basis, revenue growth was low double digit, including the benefit of a foreign currency translation tailwind.
Rental and subscription revenue grew strongly in the first quarter supported by the launch of AVEVA Flex, the subscription offering for Monitoring and Control.
From a geographical perspective, each of the regions grew versus the same quarter last year, with Asia Pacific showing significant year on year growth. Each of the Business Units grew in the quarter with particularly strong growth in Engineering.
The Group maintains a strong balance sheet and had net cash and treasury deposits of £114.6 million at 30 June 2019.
The full year outlook remains in line with the Board’s expectations.
