Aveva (LON:AVV) published its results for the year to the end of March on Wednesday.
The multinational information technology firm reported a 11.9% rise in revenue to £775.2 million, alongside a 19.8% growth in adjusted earnings to £184.5 million.
Meanwhile, recurring revenue as a percentage of overall grew to 54.3% up 51.6% the year before.
This was attributed to the move towards digitalisation which had in turn boosted demand for industrial software.
The firm also it also planned to raise its final dividend by 7.4% to 29p per share.
Overall, the company said that its outlook ‘remains positive’, and they expect to be on-track to meet medium-term targets.
Chief Executive Officer, Craig Hayman said:
“AVEVA delivered a strong performance in its first full year as a combined company and integration has progressed well across all functions of the business. Digitalisation is accelerating in the industries we serve, driving ongoing growth in demand for industrial software. AVEVA is well placed to capture this demand by working with its customers to turn opportunities into business value, delivering solutions across the asset and operations lifecycle.
We remain confident in the outlook and in meeting our medium-term targets of delivering revenue growth at least in-line with the industrial software market, increasing recurring revenue as a percentage of overall revenue to 60% and improving AVEVA’s Adjusted EBIT margin to 30%.”
Aveva develops industrial and engineering software.
The firm is based in Cambridge and is a constituent of the FTSE 250 Index on the London Stock Exchange.
Shares in Aveva are currently down -2.39% as of 12:21PM (GMT).