British IT consulting company Aveva Group PLC (AVV.L) reported Wednesday that fiscal year 2022 loss from operations before tax was 6.5 million pounds, compared to last year’s profit of 36.6 million pounds.
The latest loss was primarily due to significantly higher amortisation of intangible assets.
Loss per share was 20.8 pence, compared to profit of 11.3 pence a year ago.
Combined AVEVA Group adjusted earnings per share on a pro forma basis reflecting the acquisition of OSIsoft was 99.6 pence, compared to 105.3 pence last year.
Revenue on a reported basis grew 44.5 percent to 1.19 billion pounds from prior year’s 820.4 million pounds. Thes change was primarily due to the acquisition of OSIsoft.
On an organic constant currency basis, pro forma revenue for the combined Group grew 7.1 percent and adjusted EBIT grew 7.7 percent.
Pro forma annualised Recurring Revenue or ARR increased 10.2 percent to 768.7 million pounds.
Further, the company said the Directors propose to pay a final dividend of 24.5 pence per share, up 4.3 percent from prior year’s 23.5 pence. The final dividend will be payable on August 5 to shareholders on the register on July 8.
Looking ahead, AVEVA continues to expect revenue growth to be lower in fiscal 2023 than last year on an organic constant currency basis and adjusted EBIT margin is expected to reduce, before resuming growth in fiscal 2024.
The company still intends to drive an acceleration in ARR growth in FY23 to a level of 15 percent to 20 percent per annum.
Reported revenue will be reduced by the timing of revenue recognition but ARR will increase. Adjusted EBIT for FY23 will also be impacted by some additional costs.
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