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1 November, 2019 - 00:12 By Tony Quested

AVEVA Group lauds double digit revenue growth

AVEVA Group plc, a Cambridge-based global leader in engineering and industrial software achieved low double-digit revenue growth on a proforma constant currency basis in the first half to end-September.

This growth reflects a continuation of the strong sales execution seen in Q1 and further benefited from the early renewal of a large EPC contract and a moderate increase in revenue from multi-year contracts. 

On a reported basis, revenue growth was helped by a foreign currency translation tailwind.

Revenue mix was positive with very strong growth in Rental & Subscription partly offset by lower Initial & Perpetual licences and Services, as forecast. 

From a geographical perspective, each of the regions delivered growth versus the same period last year, with Asia Pacific showing particular strength. 

The group maintains a strong balance sheet and had net cash and treasury deposits of £58.6 million at September 30, having paid the final dividend of £46.8m, acquired MaxGrip at a cost of £21.6m and paid bonuses and sales commissions relating to the prior financial year during the period.

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