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 (LON:UK:AVV) 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 (LON:UK:RR) , meanwhile, continued its meteoric rise, advancing 4.8%. The troubled engine maker has surged 87% over the last five days.
The broader FTSE 100 (FTSE:UK:UKX) 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 (XTUP:GBPUSD) 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.