IT group AVEVA reports slowdown in revenue as pandemic boom tapers off
British IT group AVEVA announced a slowdown in revenue growth today as the booming demand for software and IT services seen through the pandemic tapered off.
The firm reported a 9.6 per cent rise in annual revenues for 2020, down a single digit rate on 2020, which the firm said had been a “very strong comparator”.
The firm said its performance this year had been driven by strong performance across some of its key industries including food, manufacturing, energy, pharmaceutical and mining.
Bosses at AVEVA said the firm is now gearing up for accelerated growth in the next financial year, driven by a focus on growth in its software-as-a-service offering and new business wins.
AVEVA also unveiled a management shakeup as it targets accelerated growth, with James Kidd, AVEVA’s Deputy CEO and CFO, stepping into the role of Chief Strategy and Transformation Officer from March 1.
He will remain on the board of the firm as one of the two executive directors and will focus on driving both organic and inorganic growth initiatives.
The role of Chief Financial Officer will be assumed by Brian DiBenedetto, also starting on 1 March.