October 10, 2018 / 2:03 PM / 2 months ago

Aveva wins three contracts, confident on mid-term targets

LONDON, Oct 10 (Reuters) - Aveva, the British software company that merged with Schneider Electric’s industrial software unit in March, said it was “absolutely confident” it would meet its medium term targets as it announced three contract wins on Wednesday.

Chief Executive Craig Hayman said the contracts - from shipbuilder MV Werften, energy management company Schneider Electric and utility Anglian Water - demonstrated the role Aveva could play in the digitalisation of its industrial customers’ operations.

Hayman last month set out new medium-term targets, for the next three years or so, including mid-single digit revenue growth and an operating profit margin of 30 percent.

He said on Wednesday that he was “absolutely confident” the targets were achievable. He said underlying revenue growth was tracking above that level, but a shift to higher quality recurring revenue would compress the headline rate. (Reporting by Paul Sandle, editing by Sarah Young)

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