AVEVA Group H1 Profit Falls

AVEVA Group PLC

reported a 48% drop in its first-half FY15 pretax profit. AVEVA Group's pretax profit for the period declined to 14.2 million pounds ($22.53 million), versus a year-ago profit of GBP27.3 million. Its adjusted profit before tax dropped to 17.1 million pounds from 32.3 million, while the company's attributable profit fell to 10.69 million pounds versus 19.8 million pounds. AVEVA's earnings per share shrank to 16.70 pence versus 29.59 pence. Its revenue shrank to GBP85.9 million from GBP108.5 million. AVEVA Group also raised its dividend to 5.5 pence, versus 5.0 pence. Chief Executive Richard Longdon said, "Whilst the first half financial performance has been disappointing, the underlying fundamentals of the business have not changed given our market leading technology and long-term customer relationships. Despite the macro-economic environment, there are a number of steps we are proactively taking to ensure that we remain focused on long-term growth in revenue and profitability. We continue to maintain a strong balance sheet, with high levels of cash generation and highly defensible positions in our chosen markets, all of which are underpinned by long-term structural growth drivers. As a result, we anticipate achieving a result in the current fiscal year in line with the Board's expectations"