Engineer at aveva and beat the city’s expectations in its first results announcement after the completion of the multi-billion pound merger with French energy company Schneider electric.
Adjusted annual profit before tax grew by 20pc to £117.2 m on revenue of £704.6 m in the year to March 31. The share of profit before taxes placed on the traditional operations of the company aveva £ 67.8 m, significantly ahead of analysts ‘ forecasts of £53.3 m.
About 500 m were added to the market value of the FTSE 250, after which its shares rose 13pc.
Aveva announced a third attempt to tie the hands of the software company Schneider Electric in September of last year, and to complete the transaction in March. The merger was a French company with a controlling stake in its Cambridge counterpart, which specializiruetsya in the field of software for sectors such as energy, mining, oil and gas and food.
Analyst David Toms, numis said the results were “even ahead of our testimony”. Mr. Toms called arm of the heritage complex, which is approximately half the size of the operations of Schneider on the basis of income, “outstanding” performer.
Meanwhile, the company aveva has announced plans to save 25 million pounds a year by 2020. Chief Executive officer Craig Hayman said these goals “duplication” in the framework of the joint group.
The merger means the company is left with several offices in different parts of the world. For example, the company has three offices in Houston, which will be reviewed, Mr Hayman said.
The chief Executive declined to comment on how many jobs largest aveva 4,400 will be lost in the part of cost-cutting.
Schneider electric took a controlling stake in the company as part of a merger pair
“The integration business has begun in earnest,” said he, adding that the last 12 months was “transformational”.
“There is an acceleration in the secular trend towards the digitalization of industry and the combined group is in a unique position to capture this opportunity,” he said.