AVEVA makes 'strong' start to financial year

Engineering data and design IT system supplier AVEVA Group described a “solid start” to the financial year on Friday, as investors gathered for the company’s annual general meeting.

The FTSE 250 company said there had not been any “noticeable change” in the trends reported in its full-year results on 23 May, and it expected the phasing of revenue in FY 2018 to be “broadly similar” to the prior year.

It said it was maintaining a “strong” balance sheet, and saw good cash generation in the first quarter, resulting in net cash of £152m at 30 June.

“Subject to approval by shareholders at the AGM today, the final dividend of 27p per share will be payable on 4 August, to shareholders on the register on 7 July,” the board said in its statement.

“The full year outlook remains in line with the board's expectations.”