AVEVA down as revenues drop during H1

The price of shares in FTSE 100 cadcam specialist AVEVA Group (LON:AVV) slipped 121p to 4,615p (as of 16:30 BST) after the firm posted a trading update for the half year ended 30th September. Management said that revenues for the period were broadly in line with expectations in the face of COVID, but some subscription deals had slipped into H2 and there was a more negative foreign exchange environment. However, constant currency organic revenues dropped by 12% year-on-year.

Management said that the order pipeline for the rest of the year was strong with a number of major contract renewals. As such, the company expects revenue growth during the second half and remains confident about its full-year performance.