Aveva posts loss for the year despite ‘solid’ revenue growth

Information Technology Consulting Aveva released “strong” full-year results on Wednesday, with full-year recurring revenue up 10.2% to £768.7m and group statutory revenue up 44.5% year-on-year to 1.18 billion pounds.

However, Aveva also reported a pre-tax operating loss of £6.5 million for the full year, mainly due to the amortization of £226.1 million of intangible assets – a marked difference. compared to the pre-tax profit of £36.6 million recorded in FY21.

The FTSE 100-listed group reported a diluted loss per share of 20.8p, down from the previous year’s profit per acre of 11.3p, but still offered a final dividend of 24.5p per share. share, up 4.3% over one year.

Aveva noted that its full-year revenue growth was primarily driven by the group’s recent acquisition of OSIsoft, with revenue and cost synergies in line with internal plans.

Chief Executive Peter Herweck said, “Aveva delivered a strong set of results in FY22 as the business recovered from the disruptions caused by the Covid pandemic. During the year, we made good progress in integrating OSIsoft and recently launched integrated products that will enable continued revenue synergies.

“I am excited about the opportunities ahead of us as Aveva connects and digitizes the industrial world. We are focused on accelerating annualized recurring revenue growth and expect Aveva’s growth rate to improve significantly on this metric.

Reporting by Iain Gilbert on Sharecast.com