AVEVA says it saw high single/low double digit growth in the June quarter

Jul 25, 2019 | Hot Topics

AVEVA today issued a trading update, to keep pace with parent company Schneider Electric’s fiscal second quarter results announcement.

AVEVA said that it had a “good start to the financial year”, with”high single digit revenue growth on a constant currency basis” but in the “low double digit[s]” on a reported basis because of currency effects.

Countering what we heard from Hexagon, AVEVA said “Asia Pacific [showed] significant year on year growth”.

While there was no detail at all, AVEVA did say that “Each of the Business Units grew in the quarter with particularly strong growth in Engineering”. Recall that Engineering is the legacy AVEVA business.

Schneider Electric’s Q2 release material had little to add about AVEVA, other than to say that in North America “AVEVA continued the good revenue growth trends seen previously”. North America has long been an problem for AVEVA: It’s Intergraph’s home base and has a relatively small offshore oil and gas economy compared to the rest of the world. We’ll have to wait for more detail to see if the performance in North America is related to legacy AVEVA or to uptake of today’s broader offering.

Overall, it sounds like “all to plan”, “nothing to see here”,”move along”. So we will. AVEVA next makes a statement in November, when it will release half-year results.