AVEVA's merger target at Schneider sees some good growth

Engineering data and design IT systems provider AVEVA Group noted the announcement on Thursday of the Schneider Electric financial results for the calendar year 2017, which included commentary on the performance of its industrial software portfolio.

The FTSE 250 company said the industrial software portfolio of Schneider Electric corresponded broadly - although not precisely - to the assets which are the subject of the combination with AVEVA.

“In the final quarter of calendar 2017, the portfolio experienced continued growth in its licensing and maintenance revenue streams, partly offset by a slight decline in services revenue,” AVEVA’s board said.

“This particularly related to the mid-stream oil and gas business area, where as previously communicated, there has been a reduction in project volume, related to the asset upgrade cycles of major customers.”