Financial Summary
|
|
2017 |
2016 |
% change |
|
Revenue |
£215.8m |
£201.5m |
7% |
|
Profit before tax |
£46.9m |
£29.4m |
60% |
|
Adjusted* profit before tax |
£55.0m |
£51.2m |
7% |
|
Basic earnings per share |
59.52p |
32.03p |
86% |
|
Adjusted* diluted earnings per share |
66.81p |
61.91p |
8% |
|
Net cash |
£130.9m |
£107.9m |
21% |
|
Total dividend per share |
40.0p |
36.0p |
11% |
* Adjusted profit before tax and adjusted earnings per share are calculated before amortisation of intangible assets (excluding other software), share-based payments, gain/loss on fair value of forward foreign exchange contracts and exceptional items. Adjusted earnings per share also include the tax effects of these adjustments.
Highlights
- Revenue up 7.1% to £215.8 million (2016 – £201.5 million), assisted by currency translation
- Constant currency revenue down 3.8%. H2 ex. Latin America flat on a constant currency basis
- Recurring revenue up to 76.9% of total revenue (2016 – 76.4%)
- Adjusted profit before tax up 7.4% to £55.0 million (2016 – £51.2 million)
- Net cash from operating activities before tax up 58.2% to £57.2 million (2016 – £36.1 million)
- Net cash up 21.3% to £130.9 million (2016 – £107.9 million) despite increased dividend payments
- Final dividend of 27.0 pence per share, taking the total dividend to 40.0 pence per share (2016 – 36.0 pence), an increase of 11.1%
- Strong progress in executing growth strategy with significant wins with new customers in growth markets and industry verticals, with North America and Power performing strongly
Chief Executive Officer, James Kidd said: “AVEVA’s performance was resilient in the context of challenging conditions in our core Oil & Gas and Marine end markets. This demonstrated the strength of our business model, with high levels of recurring revenue and continued strong cash generation. We made good progress in delivering against our growth strategy, with significant new order wins in the Owner Operator market, growing sales of our More Than 3D products and success in broadening our end market exposure. Although the timing of a return to material demand growth in our core end markets is difficult to predict, I am confident that our strategy will deliver good growth in the medium-term and that AVEVA is well positioned to benefit from a recovery in our end markets.”
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Enquiries
AVEVA Group plc
Matthew Springett, Head of Investor Relations: +44 (0) 1223 556 676
FTI Consulting LLP
Edward Bridges / Dwight Burden: +44 (0) 203 727 1000
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