AVEVA Group H1 Adj. EBIT Rises On Reported Pro Forma Basis - Quick Facts

AVEVA Group plc (AVV.L) said it achieved a good first half performance. The Group recorded a pro forma organic constant currency revenue growth of 9.0% and proforma adjusted EBIT increase of 33.9% on the same basis. The revenue growth was driven by both the heritage AVEVA business, which increased revenue by 5.8% on an organic constant currency basis and the heritage OSIsoft business, which grew revenue by 14.9% on the same basis. The Group noted that the increase in adjusted EBIT was a result of the revenue growth and a slower increase in overall costs, which resulted in positive margin leverage.

First half loss before tax was 80.3 million pounds compared to a loss of 24.2 million pounds, prior year. The Group said this was due to the amortisation of intangible assets relating to AVEVA's combinations with the Schneider Electric industrial software business and OSIsoft. Loss per share was 27.07 pence compared to a loss of 10.11 pence.

On a reported pro forma basis, adjusted EBIT grew by 20.5% to 125.2 million pounds from 103.9 million pounds, prior year. Adjusted EBIT was up 33.9% on organic constant currency. Pro forma adjusted earnings per share increased by 13.3% to 37.38 pence from 32.98 pence.

On a statutory basis, revenue was 480.9 million pounds, up 44.6% from 332.6 million pounds, last year. The Group said this change was due to the inclusion of OSIsoft and growth in the business.

On a reported pro forma basis, Group revenue grew by 0.8% to 516.1 million pounds from 512.2 million pounds, last year. Organic constant currency revenue grew 9.0%, for the period.

An interim dividend of 13.0 pence will be payable on 4 February 2022 to shareholders on the register on 7 January 2022. This represents an increase of 4.8% from prior year interim dividend.

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