AVEVA results to take a mild impact from dollar, costs

AVEVA did its best to reassure the market ahead of its results on Tuesday morning, saying its numbers looked to be in line with forecasts - though with a couple of caveats.

The FTSE 250 provider of engineering data and design software said both group revenue and adjusted profit before tax for the year to 31 March will be broadly in line with market expectations, although the adjusted profit before tax was impacted by year-end foreign exchange effects resulting from the weakening of the US dollar in March.

AVEVA’s board said it had incurred a one-off exceptional cost of £4m, recognised in the year to March, as a result of recently implementing cost saving initiatives.

“These results represent a sound underlying performance underpinned by our strong customer relationships and recurring revenue base, set against challenging market conditions,” the board said in a statement.

“The high quality of AVEVA's technology offering continues to provide our customers with mission critical capabilities and competitive advantage.”

AVEVA is due to announce its preliminary results on 24 May.