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12 November, 2019 - 12:29 By Tony Quested

AVEVA shareholders fill their boots as stock soars

Cambridge industrial software business AVEVA handed shareholders an interim dividend spike of 10.7 per cent to 15.5p a share after a thumping set of six month results to September 30.

The UK stock soared 100p to 4,358p after the digital technology pioneer hoisted revenue 16.5 per cent to £391.9 million with pre-tax profit of £24 million. AVEVA has a market cap of £7.04  billion.

Chief executive Craig Hayman reported good growth across all geographic regions with Asia Pacific showing particular strength.

He said: “AVEVA delivered a strong set of first half results. Recurring revenue accelerated as a proportion of overall revenue. 

“Overall revenue grew above the industry growth rate and adjusted EBIT margins also grew significantly. We made good progress against our medium-term targets.

“I’m pleased with these results and proud of the focus and execution at AVEVA that is realising our ambition and vision for the digitalisation of the industrial world. 

“By working to understand our customers’ needs, delivering innovation to accelerate their digital transformation and meticulous business execution, we are producing on all fronts and continue to recruit globally for world class talent.

“Looking ahead, we see strong demand for digitalisation and industrial software within the industries we serve and remain confident in the outlook.”

AVEVA ended the period with net cash and deposits of £58.6m following payment of the final dividend and the £127.8m acquisition of MaxGrip.

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