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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  AVEVA Group plc    AVV   GB00BBG9VN75

AVEVA GROUP PLC (AVV)
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Aveva : Fiscal Year 2018 Pretax Profit Falls 34% After Reverse Takeover

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06/14/2018 | 09:48am CEST

By Oliver Griffin

Aveva Group PLC reported Thursday a 34% fall in pro-forma pretax profit for fiscal 2018, after booking a number of exceptional and other one-off costs, some of which relate to its reverse acquisition by France's Schneider Electric SE.

The industrial-software company said that pro-forma pretax profit, which is adjusted to assume that the combined company has been in operation for the whole year, fell to 64.6 million pounds ($86.5 million), from GBP98.3 million a year earlier. Revenue on the same basis rose to GBP704.6 million, from GBP648.7 million.

Pro-forma adjusted earnings before interest and tax, the company's preferred measure which strips out exceptionals and other one-off items, rose to GBP165.6 million, from GBP152.0 million.

Aveva and Schneider announced in September that the French company would fold its software assets into its U.K. counterpart's operations and pay it GBP550 million for a 60% stake in the combined entity. The deal completed on March 1.

Aveva said that good progress has been made in the integration of the two businesses and that it is targeting annualized cost synergies of approximately 5% of total fiscal 2018 costs, or around GBP25 million. The synergies are expected to be fully implemented by the end of the 2020 financial year.

Aveva said it proposed to maintain its final dividend at 27 pence per share.

Write to Oliver Griffin at oliver.griffin@dowjones.com

Stocks mentioned in the article
ChangeLast1st jan.
AVEVA GROUP PLC 1.00% 2634 Delayed Quote.-4.74%
SCHNEIDER ELECTRIC SE 0.95% 67.86 Real-time Quote.-4.23%
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Financials (GBP)
Sales 2019 728 M
EBIT 2019 166 M
Net income 2019 67,5 M
Finance 2019 130 M
Yield 2019 1,71%
P/E ratio 2019 68,49
P/E ratio 2020 49,86
EV / Sales 2019 5,65x
EV / Sales 2020 5,26x
Capitalization 4 246 M
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Mean consensus HOLD
Number of Analysts 9
Average target price 28,3  GBP
Spread / Average Target 7,3%
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Managers
NameTitle
Craig Hayman Chief Executive Officer & Director
Philip Stanley Aiken Chairman
Ravi Gopinath Chief Operating Officer
James Singer Kidd CFO, Executive Director & Deputy CEO
Andrew McCloskey Head-Research & Development
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