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
The holidays are right around the corner, and Netflix is about to drop some new, festive must-see shows and movies to help get you in the spirit!
Netflix’s jam-packed holiday programming begins no later than Oct. 28, with the streamer’s first release, Holidate, followed by Operation Christmas Drop on Nov. 5.
The latter stars Kat Graham, who also appeared in 2018’s Netflix Christmas rom-com The Holiday Calendar. She recently told PEOPLE that she loved the “humanitarian aspect” of this particular script.
“I love the fact that it was about a real mission that the Air Force does every year,” Graham said. “I loved that I was playing a congresswoman’s aide, [working] to shut down the mission. In a lot of ways it was the opposite to our last film, as this character was a bit of a Grinch. It was so much fun to read, and even more fun to shoot. It’s the most fun I have ever had on a set.”
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Check out the full list of titles and premiere dates below.
Oct. 28: Holidate
Nov. 5: Operation Christmas Drop
Nov. 13: Jingle Jangle: A Christmas Journey
Nov. 19: The Princess Switch: Switched Again
Nov. 20: Alien Xmas
Nov. 22: Dolly Parton’s Christmas on the Square
Nov. 25: The Christmas Chronicles: Part Two
Nov. 27: Dance Dreams: Hot Chocolate Nutcracker
Dec. 1: <Angela’s Christmas Wish
Dec. 3: Just Another Christmas / Tudo Bem No Natal Que Vem
RELATED: First Look at Netflix’s Operation Christmas Drop (Shot on a Military Base!) Starring Kat Graham
New TV Shows
TBD in November: <Überweihnachten