By Kyle Morris

Aveva Group PLC said Tuesday that its pretax loss for the first half widened due to amortization of intangible assets relating to the combinations with the Schneider Electric industrial software business and OSIsoft.

The U.K. engineering and industrial-software company said that pretax loss for the half ended Sept. 30 was 89.1 million pounds ($102.6 million) compared with a loss of GBP80.3 million for the same period last year.

Revenue for the period was GBP551.5 million compared with GBP480.9 million, driven by foreign exchange.

Annualized recurring revenue increased 11.6% to GBP876.2 million, from GBP785.2 million.

"The group's first-half operating margin was impacted by higher costs, particularly relating to planned investment including in R&D and selling & distribution, plus the return of certain costs post-Covid," Chief Executive Peter Herweck said.

The company declared an interim dividend of 13.0 pence a share, flat on year.

The board continues to expect further improvement in the ARR growth rate in the second half, some revenue growth and cost increases are expected to be significantly lower.

Write to Kyle Morris at kyle.morris@dowjones.com

(END) Dow Jones Newswires

November 08, 2022 02:37 ET (07:37 GMT)

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