AVEVA’s trading update says H1 revenue up 9% cc
AVEVA just issued another one of its periodic, very brief business updates, saying that
AVEVA’s revenue grew by approximately 9% in the first half of the financial year on a pro forma organic constant currency [cc] basis … All of the Group’s fee types grew, with a particularly strong contribution from the recently acquired OSIsoft business. Maintenance and Services revenue increased at a low single digit rate, while Subscription and Perpetual licence revenue grew at a mid- to high-teens rate.
At AVEVA’s investor event in July, the company’s management set out a 5-year annual revenue growth target of 10%, so the top line seems to be to plan. That 10% CAGR was based on significant growth in subscription and cloud offerings, which might not have met its targets in H1 — but we don’t know yet. AVEVA will give more detail on H1 results on November 10.
Schneider Electric, which owns roughly 60% of AVEVA’s shares, also reported results today. It didn’t say anything new about AVEVA but, since it now also owns significant chunks of RIB, the BIM/construction software company, and ETAP, the energy management software maker, it gave updates on those two PLMishbusiness as well. Schneider said that in Q3, “RIB [made a] strong contribution to organic growth, ETAP [is] performing well”. Also in SE’s material (but without mention in AVEVA’s), is that the integration of OSIsoft into AVEVA is “progressing as per plan”.
What might it all mean? Hard to tell, of course, since there is no detail at all, but it bodes well for Hexagon (reporting results tomorrow) and Bentley (November 9).