LONDON (dpa-AFX) - AVEVA Group plc (AVV.L) reported that Annualised Recurring Revenue or ARR rose by 9.6% year-on-year in the 12 months to 31 December 2021, driven by growth in the annualised value of the Group's subscription contracts.
The company noted that ARR growth in the third quarter was broad based, with increases from key industries, including Food, Manufacturing, Energy, Pharmaceuticals and Mining.
Further, the company has intended to accelerate ARR growth during the next financial year, driven by a focus on growth in SaaS, new business wins, the launch of integrated AVEVA / OSIsoft products and pricing uplifts that reflect the global inflationary environment.
AVEVA's revenue declined by a low single digit rate year-on-year in the third quarter on a constant currency basis, reflecting a very strong comparator in the prior year that included the benefit of several large contract renewals with point-in-time revenue recognition.
In addition, the company announced that James Kidd, AVEVA's Deputy CEO and CFO, would become AVEVA's Chief Strategy and Transformation Officer, effective March 1, 2022, and Brian DiBenedetto would assume the role of Chief Financial Officer, also on March 1.
Meanwhile, AVEVA said the Directors have requested that Philip Aiken remains as Chairman for a further year beyond AVEVA's 2022 AGM.
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