AVEVA shares lifted by return to profit

The share price of FTSE 100 IT company AVEVA (LON:AVV) has risen by 2.4% to 4,360p (as of 12:00 GMT) after revenues for the six months ended 30th September climbed by 16.5%. The company moved to a pre-tax profit from the loss it booked in the same period of last year as adjusted EBIT margins picked up by 690 basis points.

CEO Craig Hayman commented: “AVEVA delivered a strong set of first half results. Recurring revenue accelerated as a proportion of overall revenue. Overall revenue grew above the industry growth rate and adjusted EBIT margins also grew significantly. We made good progress against our medium-term targets.

“I’m pleased with these results and proud of the focus and execution at AVEVA that is realising our ambition and vision for the digitalisation of the industrial world. By working to understand our customers’ needs, delivering innovation to accelerate their digital transformation and meticulous business execution, we are producing on all fronts and continue to recruit globally for world class talent.

“Looking ahead, we see strong demand for digitalisation and industrial software within the industries we serve and remain confident in the outlook“.