Aveva Fiscal Year 2018 Pretax Profit Falls 34% After Reverse Takeover
14 Juin 2018 - 10:02AM
Dow Jones News
By Oliver Griffin
Aveva Group PLC (AVV.LN) 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 (SU.FR).
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
(END) Dow Jones Newswires
June 14, 2018 03:47 ET (07:47 GMT)
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