AVEVA Group PLC (LON:AVV) said organic revenue declined 3.5% in the past quarter at constant currency rates.
The industrial software specialist revealed that maintenance revenue was broadly flat, but that perpetual licences and services reduced “substantially”, though subscription revenue grew strongly.
The shifts partially reflected coronavirus disruption and partly due to the FTSE 100 group’s ongoing move to a subscription business model.
“The first quarter included substantial order wins in the power generation, marine, water, food and life sciences end markets, together with wins in oil & gas across a wide range of customers,” it said.
The first half last year was boosted by the renewal of a large contract, so AVEVA said it faces a tough comparative period for the first half of the current financial year.
A dividend for the past year will be paid on 11 August.
Its shares were up 0.5% to 4,180p in early trading on Wednesday, down 11% since the start of the year.
Published at Wed, 29 Jul 2020 08:00:00 +0000-AVEVA revenues slip in first quarter