AVEVA Group 2-month Revenue Up About 10% On Organic Constant Currency Basis

AVEVA Group (AVV.L), on Thursday, issued an update on current trading and new five-year financial targets.

The company reported about 10% revenue growth in the first two months of the financial year 2022 on an organic constant currency basis.

Assuming the global economic outlook is stable to moderately growing and that trends toward digitalisation continue at current rates, the company issued five-year financial targets on an organic constant currency basis.

The company expects a revenue Compound Annual Growth Rate or CAGR of around 10% between FY21 and FY26; recurring revenue at over 80% of total revenue; and adjusted EBIT margin of at least 35%.

AVEVA's revenue growth would be supported by revenue synergies relating to the OSIsoft acquisition, which are expected to be at least $100 million in FY26. Recurring revenue growth is expected to be driven by a continued transition to Subscription and the accelerated adoption of Cloud by customers.

In addition, the company targets conversion of adjusted net profit to free cash flow of 100% across the target period.

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