Information technology provider Aveva was one of the few bright spots on the FTSE 100 on Tuesday, after maintaining its dividend and reporting increased revenues.
The company – which makes products including software for industry – posted sales of £833.8m for the 12 months to the end of March, up from £766.6m the year before. Its profit before tax almost doubled, jumping from £46.7m to £92m.
Its revenue rise was driven by growth across all regions, with “particular strength” in the Asia Pacific region, despite “challenges related to Covid-19”.
Aveva maintained its final dividend at 29p per share, which it said reflected “confidence in Aveva’s resilience, strong balance sheet position and ongoing cash generation, balanced with prudence regarding the global economic crisis”.
Action to cut around £50m to £60m in costs is being taken across the group, with savings being made on discretionary spend and travel costs. It is not