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
CLEVELAND, Ohio — Brite Winter, Cleveland’s annual outdoor music festival, has announced that it will shift its format for 2021 due to the ongoing coronavirus pandemic.
The festival announced on Sept. 30 that it will not host its signature one-day outdoor music festival event, which typically draws tens of thousands of attendees annually to Cleveland’s West bank of the Flats neighborhood.
“As you are aware, arts organizations around the globe have had to cancel, postpone or modify their regular events due to public health concerns around COVID-19,” a press release states. “Brite Winter is no different. While we will not be hosting our typical one-day bash in February, we will still have a winter full of art, music, and connection.”
The press release didn’t detail specific events to replace Brite Winter, but stated that some small in-person events will take place in January, February and March to share music and visual arts with Northeast Ohioans. Some programming will also be offered virtually.
“It will be different, but we are looking forward to the opportunity to continue to bring joy to our Cleveland community in a new and different way,” the press release states.
Brite Winter has taken place rain, shine or snow for 11 years in Cleveland, providing a daylong music festival featuring primarily local acts and bands. The fest also showcases local artists with various installations.
Announcements regarding Brite Winter’s 2021 programming will be announced on the festival’s social media pages.
READ MORE: Brite Winter shows why it’s a Cleveland tradition with 2020 festival (photos)