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AVEVA Records Low Double-digit Revenue Growth On Full Year, Pro Forma Basis

Information technology company AVEVA Group Plc.(AVV.L) said Thursday that the positive performance seen in the first nine months of the year continued in the fourth quarter, and it delivered low double-digit revenue growth on a full year, pro forma IFRS 15 basis, compared to the prior year.

In a trading update for the year ended 31 March 2019, AVEVA said that as in the first nine months, the growth included some benefit from upfront revenue recognition on multiyear rental contracts.

The company said that its full-year operating margins improved, albeit with additional costs being incurred due to the strong sales performance.

According to AVEVA, the integration of the heritage AVEVA and Schneider Electric industrial software business continued to progress well.

As AVEVA starts the new financial year, it expects further progress on delivering medium-term targets, with a focus on transition to rental and subscription licencing.

AVEVA will publish its full-year results on 29 May 2019.

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