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Oct. 12, 2020, 8:09 a.m. EDT

Aveva slumps as software maker flags currency headwinds and deals taking longer to close

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By Steve Goldstein

Aveva Group shares slumped on Monday, with the U.K. software maker the worst-performing blue chip after reporting a 12% drop in sales in the first half.

Aveva /zigman2/quotes/202038414/delayed UK:AVV -0.48% shares dropped 4% as the engineering and industrial software company said its first-half revenue was “broadly” in line with its outlook for the year, “save for an increased FX [foreign exchange] translation headwind and two medium-sized subscription deals slipping from the second quarter into the third quarter.”

Aveva said organic revenue at constant currencies fell 12%, or a 7% drop when adjusting for the early renewal of an account that it previously disclosed.

Rolls-Royce /zigman2/quotes/203646520/delayed UK:RR -0.46% , meanwhile, continued its meteoric rise, advancing 4.8%. The troubled engine maker has surged 87% over the last five days.

The broader FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -0.46% wavered between gains and losses, rising 0.1% in afternoon trade. Action was muted with the U.S. bond market shut for the Columbus Day holiday.

The pound /zigman2/quotes/210561263/realtime/sampled GBPUSD -0.2021% slipped but stayed above the $1.30 level. The U.K. government is set to announce new restrictions, with Liverpool set to be placed in the highest COVID-19 risk category, according to its mayor.

/zigman2/quotes/202038414/delayed
UK : U.K.: London
3,302.00 p
-16.00 -0.48%
Volume: 66,483
Nov. 27, 2020 11:03a
P/E Ratio
212.21
Dividend Yield
1.35%
Market Cap
£9.46 billion
Rev. per Employee
£181,261
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/zigman2/quotes/203646520/delayed
UK : U.K.: London
107.80 p
-0.50 -0.46%
Volume: 15.11M
Nov. 27, 2020 11:02a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
£9.28 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,333.84
-29.09 -0.46%
Volume: 208,547
Nov. 27, 2020 11:04a
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/zigman2/quotes/210561263/realtime/sampled
US : Tullett Prebon
1.3331
-0.0027 -0.2021%
Volume: 0.0000
Nov. 27, 2020 6:19a
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