Quickie: AVEVA announces “much improved” H1 2018
Super-quick, as I’m at Autodesk University: AVEVA reported today that revenue for the six months ended September 30 was £94 million, up 11% as reported and up 6% in constant currencies — a “much-improved performance” in the first half of its financial year, despite costs associated with its merger with Schneider Electric pushing it to a pre-tax loss of more than £12m.
CEO James Kidd said that the half-year reflects “improved performance [that] was partly driven by the changes made to the business last year, when we simplified AVEVA’s management structure, giving both greater decision-making capabilities and direct accountability for performance to our regions. The Board remains confident in AVEVA’s outlook for the full year and excited about the growth opportunities that the combination with the Schneider Electric Software Business will bring.” Mr. Kidd also said that AVEVA has not seen “a broad-based recovery in our end markets” — but if the very recent AVEVA World Summit was anything to go by, things are looking up.
One other quick thing: AVEVA reported strong growth in Asia Pacific and stabilization in EMEA, as well as “some pockets of growth in Marine, which is our second largest end market and signs of stabilization in our largest end market of Oil & Gas.” The Americas remains tough as overall revenue declined slightly on a tough year-ago comparable and difficult market conditions in Latin America.
Much more after I’ve listened to the earnings call (yes, AVEVA now does those).