Aveva PLC revenues recover in second half

Aveva PLC () said revenues had started to grow again after severe pandemic disruption in the first six months of the year to end March 2021.

The engineering software and CAD group has also had to cope with the departure of chief executive Craig Hayman in April with Peter Herweck from its Schneider Electric arm taking over.

Herweck said that the business reacted quickly to COVID-19 and the second half had seen double-digit revenue growth.

He also hailed March’s acquisition of OSIsoft, which he said would establish the group as ‘the clear leader in operational industrial software’.

Revenue for the year just ended fell to £820mln from £833mln, which included £17mln from OSIsoft.

Profits dropped to £34.2mln from £92mln, though on an adjusted basis rose 5%.

If OSIsoft had been acquired a year ago underlying profits would have risen by 8% to £355mln on a proforma basis, AVEVA said.