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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Aveva Group Plc | LSE:AVV | London | Ordinary Share | GB00BBG9VN75 | ORD 3 5/9P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3,219.00 | 3,219.00 | 3,220.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6802R Aveva Group PLC 05 November 2003 AVEVA Group plc INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003 AVEVA Group plc ("AVEVA"; stock code: AVV) the Cambridge headquartered leader in the international market for engineering data and design IT systems, has announced its unaudited interim results for the six months ended 30 September 2003. Key points: * Solid results with increases in profit, earnings per share and cash. * Revenue was up 2% to #16.8m (2002: #16.5m). * Profit before tax and amortisation of intangible assets increased by 8% to #1.67m (2002: #1.54m). * Earnings per share before amortisation of intangibles were up by 7% to 7.06p (2002: 6.59p). * Profit before tax increased by 11% to #1.36m (2002: #1.23m). * An interim dividend of 1.80p will be paid (2002: 1.80p). * Net cash at 30 September was #4.6m (2002: #3.0m). * Against an unsettled industrial background, strongest performance was achieved in Asia-Pacific and EMEA; North America was disappointing. * Shortly after the period end, an important alliance with Autodesk, Inc. was signed. On outlook, Chairman, Richard King stated: "The favourable market response to our new product offerings together with the good forward visibility provided by a strong base of recurring revenues gives AVEVA confidence in its ability to achieve satisfactory results for the year as a whole." For further information, please contact: Richard Longdon, Chief Executive; today: 020-7444-4140 Paul Taylor, Finance Director thereafter: 01223-556611 www.aveva.com Steve Liebmann at Bankside 020-7444-4163/ 07802 888159 CHAIRMAN'S STATEMENT Introduction I am pleased to report AVEVA's results for the six months ended 30 September 2003. These are solid results with satisfactory increases in profit, earnings per share and cash. As in the past two years, we expect the balance of our business to be heavily biased towards the second half year, reflecting a trading pattern which has become established for AVEVA. Results, Finance and Dividend Turnover increased by 2% to #16.8 million (2002: #16.5 million) with recurring revenues accounting for 59% of total revenue (2002: 60%). Profit before tax increased by 11% to #1.36 million (2002: #1.23 million) and earnings per share were up by 9% at 5.25p (2002: 4.78p). Profit before tax and amortisation of intangible assets arising from acquisitions increased by 8% to #1.67 million (2002: #1.54 million) and earnings per share on a similar basis were 7.06p (2002: 6.59p). Net cash as at 30 September 2003 was #4.6 million (2002: #3.0 million). The Board has approved an interim dividend of 1.80p (2002: 1.80p) to be paid on 30 January 2004 to all shareholders on the register on 9 January 2004. As previously, a decision on the dividend for the full year will be taken in the light of the results achieved for the year as a whole. Operations Trends The industry background continues to be challenging with the investment decisions of our customers - the builders and operators of major process plant - being influenced by world economic events and trends. Increasingly, execution of multinational engineering projects is migrating from 'developed' mature economies to 'developing' nations in Asia-Pacific, Russia and Eastern Europe. A licence sale made in one geographic market may be used in various locations around the world dependent on where the projects are being executed. AVEVA is well placed to respond to these changes as it now trades from 22 offices in 16 countries with agency representation in a further 17 countries. Geographic After an improved performance last year, North American revenues were disappointing in the half year. There are two factors which have contributed towards this: the execution of some international projects has migrated to other geographic markets and the US domestic market remains depressed and highly competitive. In contrast, Asia-Pacific performed very strongly with a 12% growth in revenue, albeit starting from a smaller base. The investment AVEVA has made in a direct sales and support infrastructure is starting to show benefits. We have also been helped by the increasing migration of major projects into the region and general economic strength, particularly in Korea and China. Some major contract gains were made including a US$2.5 million order for AVEVA's new VNET software and services over two years for the world's largest single petrochemical processing facility in Nanhai, China, in a project led by Shell and BSF, a consortium comprising Bechtel, Sinopec and Foster Wheeler. Europe (including the UK) also performed strongly during the half year with revenues up by 11% including contributions from new business in Eastern and Southern European countries. Elsewhere, Russian engineering companies and plant operators are becoming increasingly active within international markets. AVEVA now has representation in Russia and has gained its first major order for software and services from a Russian customer. Markets Sales into the oil and gas sector have been strong in most geographic markets; Russia and East European countries stand out as being particularly buoyant in this sector while the USA was noticeably quiet. In power generation, Asia-Pacific was strong generally and particularly China - a market in which AVEVA is the clear leader. With the exception of the large order mentioned above the petrochemicals sector was steady and in pharmaceuticals, the anticipated pick up in activity was slower to come through than expected. Products and services At a major industry convention in Houston, Texas, early in 2003 AVEVA 'showcased' key new software products including VNET Navigator and the enhanced 'next generation' of its core PDMS 3D design offering. These products were released to the market on schedule in June and have been well received. AVEVA believes that its current product range is very strong and highly competitive. The partnership alliance signed with Autodesk in October brings together leading 2D and 3D technologies and will result in a combined product being offered by the AVEVA channel next summer. News of the alliance has been favourably received by both existing and potential customers. Managed Services performed steadily. Although no new contracts were signed during the period, reasonable prospects are currently under discussion. Board and Management In July 2003, Tony Christian left the company and the Board. Over the previous five years, he had played an important role in broadening AVEVA's product portfolio beyond the core 3D design software and the introduction of its managed services offering. The Board wishes Tony well for the future. Outlook The favourable market response to our new product offerings together with the good forward visibility provided by a strong base of recurring revenues gives AVEVA confidence in its ability to achieve satisfactory results for the year as a whole. Richard King 5 November 2003 Chairman CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003 Notes 6 months ended 30 September Year ended 31 March 2003 2002 2003 (unaudited) (unaudited) (audited) #'000 #'000 #'000 Turnover 2 16,837 16,462 36,008 Cost of sales (6,561) (6,846) (13,047) --------- --------- ----------- Gross profit 10,276 9,616 22,961 Other operating expenses (8,900) (8,332) (17,343) --------- --------- ----------- Operating profit 1,376 1,284 5,618 Finance (expense)/income (13) (50) (38) (net) --------- --------- ----------- Profit on ordinary activities before taxation 1,363 1,234 5,580 Tax on profit on ordinary (463) (420) (1,922) activities --------- --------- ----------- Profit on ordinary activities after taxation 900 814 3,658 --------- --------- ----------- Profit retained for the 592 508 2,703 period --------- --------- ----------- Basic earnings per share 4 5.25p 4.78p 21.46p Diluted earnings per 4 5.19p 4.72p 21.24p share Dividend per equity share 3 1.80p 1.80p 5.60p CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003 6 months ended 30 September Year ended 31 2003 2002 March 2003 (unaudited) (unaudited) (audited) #'000 #'000 #'000 Profit for the period 900 814 3,658 Translation loss arising on (177) (569) (437) consolidation ----------- --------- ----------- Total recognised gains and losses relating to the period 723 245 3,221 ----------- --------- ----------- Prior year adjustment - - - ----------- --------- ----------- Total recognised gains and losses recognised since last annual report 723 245 3,221 ----------- --------- ----------- CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2003 At 30 September At 31 March 2003 2002 2003 (unaudited) (unaudited) (audited) #'000 #'000 #'000 Fixed assets Goodwill 1,447 1,714 1,580 Intangible assets 2,153 2,505 2,329 Tangible assets 5,336 3,848 4,674 ----------- --------- ----------- 8,936 8,067 8,583 ----------- --------- ----------- Current assets Stocks 758 1,213 758 Debtors 13,987 12,591 16,244 Cash at bank and at hand 5,046 2,972 5,129 ----------- --------- ----------- Creditors 19,791 16,776 22,131 Amounts falling due within one year (8,637) (8,013) (11,548) ----------- --------- ----------- Net current assets 11,154 8,763 10,583 ----------- --------- ----------- Total assets less current 20,090 16,830 19,166 liabilities Creditors Amounts falling due after more than (70) - (112) one year Provision for liabilities and (523) (583) (472) charges ----------- --------- ----------- Net assets 19,497 16,247 18,582 ----------- --------- ----------- Capital and reserves Called-up share capital 1,725 1,704 1,705 Share premium account 7,798 7,311 7,318 Profit and loss account 9,974 7,232 9,559 ----------- --------- ----------- Shareholders' funds - all equity 19,497 16,247 18,582 ----------- --------- ----------- CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003 6 months ended 30 September Year ended 31 2003 2002 March 2003 (unaudited) (unaudited) (audited) #'000 #'000 #'000 Notes Net cash (outflow)/inflow from operating activities 5 2,180 (485) 3,232 Returns on investment and (13) (50) (38) servicing of finance Taxation (1,062) (1,520) (2,123) Capital expenditure and (1,237) (669) (1,735) financial investment Equity dividends paid (647) (613) (922) ---------- ---------- ---------- Cash (outflow)/inflow (779) (3,337) (1,586) before financing Financing 441 11 (11) ---------- ---------- ---------- (Decrease) /increase in cash in the period (338) (3,326) (1,597) ---------- ---------- ---------- NOTES 1. Basis of preparation The financial information contained in this interim report does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The interim financial information is unaudited but has been reviewed by the auditor. The financial information for the year ended 31 March 2003 has been extracted from the statutory accounts of AVEVA Group plc for that period, which have been delivered to the Registrars of Companies. The report of the auditors was unqualified and did not contain a statement under section 237 (2) or 237 (3) of the Companies Act 1985. The financial information has been prepared using the same accounting policies as the audited accounts for the year ended 31 March 2003. The interim report for the six months ended 30 September 2003 was approved by the Board on 4 November 2003. 2. Analysis of turnover 6 months ended 30 September Year ended 31 2003 2002 March 2003 (unaudited) (unaudited) (audited) #'000 #'000 #'000 By destination: United Kingdom 1,381 2,370 6,346 Rest of Europe, Middle East and 7,048 5,199 11,029 Africa Americas 4,344 5,278 10,102 Asia-Pacific 4,064 3,615 8,531 ----------- --------- ----------- 16,837 16,462 36,008 ----------- --------- ----------- 3. Interim ordinary dividend The proposed interim dividend of 1.80p per ordinary share will be payable on 30 January 2004 to shareholders on the register on 9 January 2004. 4. Earnings per share 6 months ended 30 September Year ended 31 2003 2002 March 2003 (unaudited) (unaudited) (audited) Profit on ordinary activities after #900,000 #814,000 #3,658,000 tax Ordinary shares of 10p each in 17,134,320 17,039,607 17,042,245 issue Diluted ordinary shares of 10p 17,343,550 17,249,072 17,222,785 each The number of shares in the table above represent the weighted average number of shares during the periods shown. 5. Reconciliation of operating profit to net cash inflow from operating activities 6 months ended 30 September Year ended 31 2003 2002 March 2003 (unaudited) (unaudited) (audited) #'000 #'000 #'000 Operating profit 1,376 1,284 5,618 Depreciation and amortisation 865 921 1,661 charges (Profit)/loss on disposal of fixed 7 (12) (4) assets Decrease/(increase) in stocks - - 200 Decrease/(increase) in debtors 1,565 (28) (2,798) Decrease/(increase) in creditors (1,633) (2,650) (1,445) ----------- --------- ----------- Net cash inflow from operating 2,180 (485) 3,232 activities ----------- --------- ----------- 6. Interim Report The Interim Report will be posted to shareholders shortly and copies will be available from AVEVA Group plc's Registered office, High Cross, Madingley Road, Cambridge CB3 0HB. This information is provided by RNS The company news service from the London Stock Exchange END IR BIBRTMMMMBTJ
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