Half-year revenues ease at Aveva

Updating on trading, Aveva said that on a reported currency basis, the strong dollar - which accounts for the majority of its income - helped revenues grow at an upper single digit rate.

However, on an organic constant currency basis, revenues fell, by a low single digit rate.

Costs increased "significantly" against the Covid-impacted levels of the first half last year, it added, which had a "material impact" on its adjusted earnings before interest and tax margin.

However, the blue chip - which last month agreed to be acquired by French industrial conglomerate Schneider Electric - said full-year projections "indicate revenue seasonality at broadly similar levels to previous years and significantly lower second half cost increases".

Aveva also published the scheme document for the £9.5bn takeover on Tuesday, and said subject to shareholder approval, the deal was likely to complete in the first quarter of 2023.