The price of shares in FTSE 100 information technology firm AVEVA (LON:AVV) climbed by 4.03% to 4,181p (as of 13:40 BST) after the company reported a 97% improvement in pre-tax profits for the year ended 31st March. Revenues for the period were up by 8.8% with recurring revenues continuing to drive growth.
CEO Craig Hayman commented: “I am very pleased with AVEVA’s performance over the last year. The Group has grown as we play a leading role in the digitalisation of the industrial world, which is being driven by a need for sustainability, the industrial internet of things, Cloud, data visualisation and artificial intelligence. At the same time, we continued to drive operational improvement in the business, which is increasing recurring revenue and margins.
“AVEVA’s team has adapted impressively to the current market and operating environment. The safety of our employees is paramount and I was very pleased that we managed to deliver a successful close to our financial year with 95% of employees working remotely. We are focused on being digital in everything that we do, accelerating Cloud and driving the roll out of our subscription offering, AVEVA Flex.
“Looking forward, AVEVA is well placed to navigate through the challenges of the current environment, with the benefit of recurring revenue from multi-year contracts. AVEVA is in a strong position and our strategy and medium-term objectives remain unchanged“.