LONDON (dpa-AFX) - Aveva Group plc (AVV.L), on Tuesday, issued trading update for the first six months of FY23, and reported that revenue for the period declined by a low-single digit rate year-on-year on an organic constant currency basis.
On a reported currency basis, revenue grew at an upper-single-digit rate, supported by the strengthening of the US dollar.
Costs have increased significantly against the COVID-impacted levels of the first half of last year, and this has had a material impact on AVEVA's adjusted EBIT margin for the six months to 30 September 2022, the company stated.
Further, Aveva noted that ARR continued to grow at a similar level versus that reported for the five months to 31 August 2022, on a constant currency basis, excluding the impact of Russia.
As on 30 September 2022, the company's net debt was about £618 million. This increase included the negative impact of currency translation on AVEVA's net debt from 31 March 2022 of over £110 million.
In addition, the company announced that the scheme document containing the full terms and conditions of the Acquisition, together with the related Forms of Proxy, is being published and sent to AVEVA Shareholders and, for information only, to persons with information rights and participants in the AVEVA Share Plans.
On 21 September 2022, the boards of Schneider Electric and Bidco and the AVEVA Independent Committee announced that they had reached agreement on the terms of a recommended cash acquisition by which the entire issued and to be issued share capital of AVEVA, excluding AVEVA Shares held by Samos, an indirect wholly-owned subsidiary of Schneider Electric, will be acquired by Bidco.
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