Software group Aveva’s losses deepen
British industrial software group Aveva said this morning its operational losses had widened to £73.4m in the first half of the year, more than triple the £20.3m it reported a year earlier.
Much of this was down to gradually writing off the costs of its intangible assets, the company said, following the completion of its acquisition of OSIsoft in March.
CEO Peter Herweck said that the integration of the businesses had “progressed well, with both cost and revenue synergies starting to materialise as planned.”
Adjusted earnings before tax rose, however, by 21 per cent in the six months to the 30th of September to £125.2m – up from £103.9m last year.
Group revenue edged up marginally by 0.8 per cent to £516.1m, up from £512.2m in the same period last year, as the company recovered ground on Covid disruption.
“We are seeing the resumption of structural growth, driven by increased digitalisation and Net Zero projects, across a wide range of industry sectors,” said Herweck.
“We are also observing an increase in activity in the Energy and Marine sectors as energy prices recover and demand for transportation increases.
“We remain confident in the growth outlook and believe that our first half results form a strong foundation for us to build on and to meet our medium-term targets.”