Aveva (AVV) said that it delivered “high single-digit” organic revenue growth at constant currencies for the first ten months of its financial year. The industrial software group said in a trading update that the growth was helped by good orders in rental and subscription, though was “partly offset” by lower initial and perpetual licences and services, as planned. The group said that as such, its business model transition has improved its revenue mix and quality.
It noted that it was achieving “particularly good” growth in its Asia Pacific region, although the coronavirus is having an impact on sales in China. The country has historically contributed around 5 per cent of overall group revenue. Management said that the fourth quarter has had a good start, with a “solid” order pipeline in the coming weeks.
