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
‘Sports D3’ (D-Cubed Ventures OU)
‘Sports D3’ (D-Cubed Ventures OU)
TALLINN, Estonia, Oct. 08, 2020 (GLOBE NEWSWIRE) — ‘Sports D³’ (D-Cubed Ventures OU), a tokenization platform and digital assets exchange for the global sports industry, is pleased to announce that it has been granted an operating crypto-license by the Financial Intelligence Unit (FIU) of Estonia.
‘Sports D³’ provides professional sports teams with an innovative alternative to raising funds by facilitating crowd-formation of capital on its DLT-powered platform, where clubs are able to digitize, securitize and sell their assets to fan-investors in the form of Security Token Offerings (STO).
With the approval of a Virtual Currency Exchange and a Virtual Currency Wallet License, ‘Sports D³’ is now a fully regulated digital assets exchange, with the capability to deliver its solutions to sports clubs and their fans in 27 European jurisdictions. This milestone marks the next step in ‘Sports D³’ development and paves the way for securing the financial intermediary status and expanding into other continents.
Gene Swinton, Founder & CEO of ‘Sports D³’ said: “There are over 400 million football fans in Europe, who are not only among the most devoted fans in the world but who also happen to score higher in their ability to invest. We are delighted to be granted this license, as it will provide fan-investors with a simple, low-cost, fiat-to-crypto ON-ramp and enable their investment activities on the SD³ platform”.
“We will continue on our mission to democratize finances in the global sports industry, starting with the European football space. By providing professional football clubs in Europe with access to capital crowd-sourced from millions of fan-investors, SD³ heralds a new era for crowd-capital and its prominent role in the development of football,” concluded Mr. Swinton.
To learn more about the ‘Sports
The bitcoin and cryptocurrency world was rocked last week by news U.S. authorities had levied charges against major bitcoin and crypto exchange BitMEX and its leadership team.
BitMEX executives Arthur Hayes, Benjamin Delo and Samuel Reed were indicted by the U.S. government on October 1, accused of flouting U.S. banking laws while serving American customers.
Now, in a further blow to the controversial Seychelles-based bitcoin and cryptocurrency exchange, the influential blockchain data company Chainalysis has branded BitMEX a “high-risk” exchange—with external data showing investors have removed almost 50,000 bitcoin tokens from BitMEX since last week.
On Monday this week, Chainalysis warned its clients that BitMEX, which rose to prominence throughout bitcoin’s massive 2017 bull run and was up until recently the largest bitcoin-derivatives exchange, would be considered a “high risk exchange” from October 13.
“Any transfers from October 1 and later should be considered high risk,” Chainalysis told clients in an email that was first reported by bitcoin and cryptocurrency news and analysis outlet The Block, adding BitMEX transfers will trigger alerts for those using the Chainalysis monitoring tool.
The Chainalysis warning compounds data from blockchain analytics firm Glassnode that shows around 45,000 bitcoin tokens have been withdrawn from BitMEX since the start of the month, representing a 27% drop in the total bitcoin on the exchange.
“On Friday 2 October, the day after the announcement, BitMEX saw its largest ever day of net outflows as investors rushed to remove their funds
The Tokyo Stock Exchange plans to resume normal operations Friday after it halted trading for the entire day Thursday owing to what it said was a malfunction in its computer systems — the worst such outage ever.
There was no indication that the outage at the world’s third-largest exchange resulted from hacking or other cybersecurity breaches.
“We are extremely sorry for the troubles we have caused,” Koichiro Miyahara, president and CEO of the exchange, told reporters late Thursday.
The exchange issued a statement later saying it would open as usual Friday. It said it foresaw no problems with resuming trading.
Miyahara and other exchange officials said a computer hardware device they called “Machine 1” failed, and the backup, “Machine 2,” didn’t kick in, so stock price information was not being relayed properly.
The officials characterized the problem as a memory malfunction.
They said that rebooting the system during a trading session would have caused confusion for investors and other market participants.
Perplexed passers-by studied quote-less electronic screens in Tokyo’s financial district, and newspapers’ evening editions carried listed companies’ names but blank prices.
Brokerages fielded a flood of calls from frustrated investors.
“There should be a Plan B,” Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities, told broadcaster NHK.
The Tokyo exchange is the world’s third-largest bourse after the New York Stock Exchange and Nasdaq, with a market capitalization of nearly $6 trillion.
Foreigners account for about 70% of all brokerage trading in the Tokyo exchange, both in terms of value and volume, so news of the outage left investors both in Japan and overseas wondering what happened.
The malfunction of basic hardware drew attention to vulnerabilities in the country’s digital systems. Newly appointed Prime Minister Yoshihide Suga has made upgrading such infrastructure a priority, viewing it as