AVEVA H1 fails to reassure markets

The price of shares in AVEVA Group (LON:AVV) dropped by 7.24% to 4,097p (as of 12:45 GMT) after revenues for the six months ended 30th September fell by 15.1%. Despite tight cost controls leading, the company fell to a pre-tax loss.

CEO Craig Hayman commented: “Given the Covid-19 disruption, AVEVA has performed creditably in what has been a relatively tough trading environment in the first half, and against very tough comparatives. We continue to see solid demand from our customers for AVEVA’s software to help them digitalise and the long-term trend towards digitalisation of the industrial world remains very exciting. Our order pipeline for the remainder of the year is strong and we expect the Group to achieve year-on-year revenue growth in the second half of the financial year. Despite the challenging market conditions, we have continued to make significant investments and progress in strengthening AVEVA’s position as a global leader in industrial software, including agreeing the proposed acquisition of OSIsoft“.