Software heavyweight Aveva reveals drop in sales due to foreign exchange shifts and delayed contracts
Industrial software giant Aveva Group has said it predicts foreign exchange headwinds and the slippage of contracts to cause first-half revenues to be significantly lower.
The Cambridge-based company believes revenues will end up at around £333million in the six months to the end of September against £391million in the same period last year.
Shares fell 5.3 per cent to £45.23 after it revealed results were affected by two medium-sized subscription deals that were expected in the second quarter now sliding into the third quarter and harmful foreign exchange headwinds.
But Aveva still said that it managed to perform ‘creditably’ and has not altered its outlook for the 2021 financial year.
It wrote: ‘Notwithstanding Covid-19 related disruption, there has been solid demand for AVEVA’s software due to its ability to drive efficiency, flexibility and sustainability for customers across a wide range of industries.’
Orders and revenue growth for the remainder of the year are expected to be strong though thanks to contract slippage, as well as a higher level of renewed contracts, including large-scale global accounts.
In a separate announcement, the FTSE 100 firm revealed it had completed the syndication of a £250million revolving credit facility concerning its planned purchase of OSIsoft with numerous banks such as HSBC and J.P. Morgan.
Another $900million loan that was due to be provided by the banks will instead come straight from Schneider Electric, which controls around 60 per cent
Nvidia’s GeForce RTX 3090 and RTX 3080 graphics cards have launched to critical praise but frustratingly scarce availability. In an effort to curb further consumer frustration, Nvidia has decided to delay availability of its upcoming RTX 3070 to October 29 from its original launch date of October 15.
For those of you paying attention to the next-gen graphics card war, yes, that is exactly one day after AMD’s scheduled RX 6000 Series announcement on October 28.
The ever-watchful eyes over at VideoCardz noticed the stealthy change on Nvidia’s GTX 3070 landing page.
Nvidia later issued the following statement:
“Production of GeForce RTX 3070 graphics cards are ramping quickly. We’ve heard from many of you that there should be more cards available on launch day. To help make that happen, we are updating the availability date to Thursday, October 29th. We know this may be disappointing to those eager to purchase a GeForce RTX 3070 as soon as possible, however this shift will help our global partners get more graphics cards into the hands of gamers on launch day.”
I’m sure there are some tinfoil hats out there speculating that Nvidia executed this delay to throw a monkey wrench into AMD’s RX 6000 launch plans. I disagree, and this is an absolute win for consumers.
With the RTX 3070 selling for a $499 MSRP and allegedly delivering faster gaming performance than the RTX 2080 Ti (which launched at an eye-watering $999), it’s a foregone conclusion that demand will be high.
Fortunately for AMD, this gives Team Red just enough time to convince people to wait for its