LONDON (dpa-AFX) - Information technology company AVEVA Group Plc.(AVV.L) expects revenue growth for financial year ended 31 March 2020 to be about 9% on a reported basis, with recurring revenue exceeding the medium-term target of 60% of total revenue, ahead of schedule.
The Group said it continued to make progress during fiscal year 2020 in increasing adjusted EBIT margins towards a medium-term target of 30%. The company maintained the medium-term target, although the speed of progress in fiscal year 2021 may be impacted.
The company warned that revenue may be impacted by disruption caused by the global macro-economic downturn, particularly in the first six months of the financial year from 1 April to 30 September 2020, especially set against a strong comparative period.
AVEVA said it does not intend to make staff reductions in response to the economic environment, furlough any staff, or make use of government support programmes.
Each of AVEVA's Chairman, CEO, Deputy CEO and CFO, Non-executive Directors and Executive Leadership Team members will donate 10% of base salary for a six-month period, effective 1 April 2020, to further Action for Good's work. Employees below this level remain on full salaries, the company said.
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