AVEVA intends to pay an interim dividend of 15.5 pence per share. The interim dividend will be payable on 5 February 2021 to shareholders on the register on 8 January 2021. If, as expected, the proposed Rights Issue to facilitate the acquisition of OSIsoft has completed prior to the record date of 8 January 2021, then the Rights Issue shares will also be eligible to receive the interim dividend and the proposed dividend per share will be adjusted to reflect the bonus element of the Rights Issue. The revised dividend per share will be notified as soon as this is known.
Other financial highlights include:
First half results were broadly in-line with the Group's plan for the shape of the year, save for an increased FX translation headwind and two medium-sized subscription deals slipping from Q2 into Q3
Adjusting for the previously disclosed early renewal of a significant contract, which caused approximately £20 million pull forward of revenue into September 2019, organic constant currency revenue3 declined 6.8%
Without this adjustment organic constant currency revenue declined by 11.7%
Recurring revenue as a percentage of total revenue increased to 64.2% (H1 FY20: 61.9%) and grew in three of AVEVA's four business units
Reduction in adjusted costs of 8.3% (5.8% on a constant currency basis) as a result of tight cost control
Adjusted EBIT of £56.3m (H1 FY20: £90.6m) was impacted by the decline in revenue
Strong focus on strategic investments to drive future growth with R&D investment in AI, Cloud and Extended Reality and digital marketing investment increased
AVEVA's position as a global leader in industrial software will be strengthened by the proposed acquisition of OSIsoft, a global leader in real-time industrial data software
Strong second half order pipeline underpins the Board's confidence in its outlook for the full year
