Services revenue increased by 53% to £15.8m
AVEVA, a provider of engineering data and design IT systems, has registered revenues of £174.0m for the fiscal year 2011, a growth of 17% compared to previous year.
Revenues from services increased by 53% to £15.8m, initial license fees revenue increased by 17% to £41m and recurring revenue increased by 14% to £117.2m in FY11.
The company’s adjusted profit before tax was up 8% to £54.7m, compared to £50.7m for the previous fiscal year.
For the fiscal year 2011, profit before tax was £49.8m, compared to £49.6m and adjusted basic earnings per share was up 10% to 56.08 pence compared to 50.92 pence for the period 2010.
AVEVA chairman Nick Prest said business conditions improved in the last quarter of the year and they remain cautiously optimistic that will continue into 2011-12.
"We increasingly expect to see Enterprise Solutions, of which AVEVA NET is part, emerging as a significant business stream alongside our established Engineering and Design Systems business," Prest said.
"With our leading technology, global presence, long-term customer relationships, key skills and domain knowledge, AVEVA is well placed to continue to exploit the structural growth opportunities in emerging economies as well as capitalise on the improving economic conditions in mature markets."