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AVEVA FY21 Profit Down, Pro Forma Profit Climbs; Lifts Dividend; Says Confident In Outlook

IT company AVEVA Group plc (AVV.L) reported Tuesday that its fiscal 2021 profit before tax fell 62.8 percent to 34.2 million pounds from last year's 92.0 million pounds. Earnings per share were 11.27 pence, down from 34.60 pence last year.

Adjusted earnings per share were 81.31 pence, compared to prior year's 86.75 pence.

The statutory results reflected 12 months of trading for standalone AVEVA and 13 days of trading for OSIsoft LLC, which was acquired on March 19.

On a pro forma 12-month basis, profit before tax surged 166.3 percent to 50.6 million pounds from last year's 19.0 million pounds. Adjusted profit before tax was 338.7 million pounds, compared to 299.0 million pounds last year. Adjusted earnings per share were 105.3 pence, compared to 94.1 pence last year.

Statutory revenue was 820.4 million pounds, down 1.6 percent from 833.8 million pounds a year ago.

Pro forma revenue reduced 1.4 percent to 1.20 billion pounds from prior year's 1.21 billion pounds. On an organic constant currency basis, pro forma revenue for the combined Group grew 2.2 percent.

Further, the company proposed final dividend of 23.5 pence, representing an increase of 1 percent after adjusting for the rights issue bonus factor. The dividend is payable on August 4 to shareholders on the register on July 9.

Looking ahead, Peter Herweck, Chief Executive Officer, said, "Organic currency neutral growth rates for the AVEVA and OSIsoft business are expected to be similar to their long-term trends in the current financial year. As such, the outlook for AVEVA remains in line with the Board's expectations."

AVEVA said it will update its long-term targets to include the acquisition of OSIsoft at its upcoming Capital Markets Day on July 1.

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