AVEVA Group FY18 Pro Forma Profit Climbs; Maintains Dividend
(RTTNews.com) - Information technology company AVEVA Group Plc.(AVV.L) reported Thursday that its fiscal 2018 profit before tax, on a statutory basis, dropped 8.8 percent to 46.9 million pounds from 51.4 million pounds last year.
Earnings per share, however, climbed 17.3 percent to 46.7 pence from 39.8 pence a year ago.
Adjusted profit before tax was 117.2 million pounds, compared to 97.4 million pounds a year ago. Adjusted earnings per share were 78.4 pence, compared to 68.8 pence last year.
AVEVA completed the combination with the Schneider Electric Industrial Software Business in March this year.
Pre-tax profit of combined AVEVA Group on a 12 month pro forma basis was 64.6 million pounds, down 34.3 percent from last year. Adjusted profit before tax was 162.8 million pounds, compared to 152.4 million pounds last year.
On a statutory basis, revenue grew 15.3% to 499.1 million pounds from 432.8 million pounds last year.
Pro forma revenue for the combined Group grew 8.6% to 704.6 million pounds.
The company recorded strong performance from the heritage AVEVA business with revenue up 15%, and robust performance from the heritage Schneider Electric industrial software business with revenue up 5.4%.
Further, the company maintained the proposed final dividend at 27.0 pence per share, following the 10.15 pounds per share cash return of value to AVEVA shareholders in March 2018.
AVEVA also announced that it is targeting annualised cost synergies of 25 million pounds which is expected to be fully implemented by the end of the 2020 financial year with the Combination also expected to generate material revenue synergies over the medium term.
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