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AVEVA Q3 Organic Constant Currency Revenue Climbs; Remains Confident In FY View

Engineering and industrial software company AVEVA Group plc. (AVV.L) Friday said its organic constant currency revenue growth was over 26 percent for the third quarter and around 1.5 percent for the first nine months ended December 31.

The third-quarter revenues were driven by a significant number of scheduled subscription renewals, including a large three-year contract renewal in the Food sector. It also benefited from the early renewal of a large three-year EPC contract that had been scheduled for AVEVA's fourth quarter. The conversion of two large contracts in the Marine sector from annual fees to multi-year subscription also benefited the results.

Nine-month recurring revenue grew 10 percent, taking it to 68 percent of overall Group revenue in the period.

The company said the order pipeline for the remainder of the financial year is solid, supported by efficient digital demand generation and several large contract renewals. However, these are fewer than seen in the third quarter.

On December 31, AVEVA had 2.7 billion pounds of cash and no debt, reflecting the proceeds of the Rights Issue ahead of the completion of the OSIsoft acquisition.

Looking ahead, the company said, "The Board remains confident in the full year outlook for AVEVA. Notwithstanding the disruption seen to the trading environment in 2020, the trend towards the digitalisation of the industrial world is strong and the Board remains excited about the significant growth opportunities ahead."

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