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
- Instagram boss Adam Mosseri told Savannah Guthrie on “Today” that there are foreign adversaries trying to use social media to “their own end” ahead of the presidential election.
- “There are definitely foreign adversaries who are trying to use the platforms, or platforms like Instagram, to their own end,” Mosseri said. “We think of the election here in the US in 2020 as a huge test, not only for Instagram and Facebook, but for the industry at large.”
- Mosseri oversaw Facebook’s News Feed during the 2016 election when Russia-linked agents spread disinformation on social media that reached millions of people, particularly on Facebook.
- It was a learning moment for Facebook, Mosseri said, noting that it took Facebook too long to “focus on the negative that can come from connecting so many people at scale.”
- Visit Business Insider’s homepage for more stories.
Instagram boss Adam Mosseri said that foreign adversaries are attempting to use social media to “their own end” ahead of the 2020 presidential election.
Mosseri discussed Instagram’s role in the election during an interview Tuesday with “Today’s” Savannah Guthrie to mark the 10th anniversary of the popular platform. Guthrie questioned Mosseri on whether he thinks there is currently disinformation spreading on Instagram similar to the Russia-backed campaign on Facebook prior to the 2016 election.
“There are definitely foreign adversaries who are trying to use the platforms, or platforms like Instagram, to their own end,” Mosseri told “Today.” “We think of the election here in the US in 2020 as a huge test, not only for Instagram and Facebook, but for the industry at large.”
Mosseri said Instagram is trying to focus on three primary areas ahead of the election: getting out the vote, preventing foreign interference like what happened in 2016, and planning for “complicated” scenarios, though he didn’t go