Aveva sees trading in line after second half recovery

Industrial software company Aveva said trading had normalised in most of its markets from the impact of Covid-19, adding that the outlook remained in line with expectations.

The company, which completed the purchase of OSIsoft in March, said revenue fell 1.6% to £820.4m and adjusted earnings of £226.4m, up 4.4%, for the year to March 31.

Reported pre-tax profit fell 62.8% to £34.2m. A final dividend of 23.5p a share was declared.

“Notwithstanding the continued uncertainties in relation to Covid, trading conditions have largely normalised in our major markets following the global disruption at the start of the crisis,” the company said on Tuesday.

“The ongoing digitalisation of the industrial world continues to drive demand for AVEVA's software. Notwithstanding the continued uncertainties in relation to Covid, trading conditions have largely normalised in our major markets following the global disruption at the start of the crisis.”

“Organic currency neutral growth rates for the AVEVA and OSIsoft business are expected to be similar to their long-term trends in the current financial year.”