Aveva comes out the gate strong with 'solid start' to trading year

Software provider Aveva has seen a "solid start" to its financial year, as the integration with Schneider remained "on track".

Since March, the executive leadership, finance, sales, marketing and global research and development teams have been integrated, as well as its transfer of HR processes from transitional service agreements to Aveva in key markets, such as the United States, as something that will support future growth across the group.

The FTSE 250 group told investors on Thursday in a brief trading statement that it had maintained a strong balance sheet and saw good cash generation in the first quarter of its trading year, resulting in a net cash balance of £117m at 30 June 2018 - up 22% from 31 March.

Aveva advised that its full-year outlook remained in line with the board's expectations.

As of 1430 BST, Aveva shares had ticked up 0.53% to 2,668p.