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Aveva annual profit slides as pandemic impact in H1 weighs
StockMarketWire.com
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Software group Aveva reported a fall in annual profit as revenue fell following pandemic-led disruptions in first half of the year.
For the year ended 31 March 2021, pre-tax profit fell to £34.2 million from £92.0 million year-on-year, while revenue declined 1.4% to £1.20 billion.
'During the first half of the year, revenue for the standalone Aveva group was impacted by the disruptions of the Covid-19 pandemic, although performance improved significantly during the second half, resulting in broadly flat year-on-year revenue on an organic constant currency basis,' the company said.
The company proposed to raised the final dividend by 1% to 23.5 pence per share.
Looking ahead, the company said the 'business environment has improved in most major markets following the disruption caused by Covid-19 in the first half of FY20 and the board is confident in the outlook for AVEVA in FY22.'
'Organic currency neutral growth rates for the AVEVA and OSIsoft business are expected to be similar to their long-term trends in the current financial year,' it added.
Story provided by StockMarketWire.com
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