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Aveva records double-digit revenue growth in H2, announces departure of CEO

By Iain Gilbert

Date: Tuesday 27 Apr 2021

Aveva records double-digit revenue growth in H2, announces departure of CEO

(Sharecast News) - Software firm Aveva said on Tuesday that it had achieved double-digit revenue growth during the second half of the year.
Aveva stated its strong second-half revenue showing had resulted in full-year revenues being flat year-on-year, on a standalone organic constant currency basis, reflecting disruptions related to the Covid-19 pandemic.

The FTSE 100-listed group also noted that it had "responded flexibly" to the challenges posed by Covid-19, growing combined pro forma revenue for the enlarged group by "a low single-digit percentage" on an organic constant currency basis, while achieving strong growth in subscription revenues and increasing operating margins.

Elsewhere, Aveva said chief executive Craig Hayman had opted to return to the USA for personal reasons and will leave the group after three years following its annual general meeting in July

Peter Herweck will be seconded from Schneider Electric to take over the role of CEO, effective 1 May.

As of 0840 BST, Aveva shares were down 4.58% at 3,728.0p.

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