Aveva Group PLC said Tuesday that it will report flat revenue for fiscal 2021 after good revenue growth in the second half of the year and that Chief Executive Officer Craig Hayman will step down.
The U.K. engineering and industrial software company said revenue for the year ended March 31 will be flat on fiscal 2020 on a standalone constant currency basis, reflecting double-digit growth in the second half after coronavirus-driven disruption in the first half. The company didn’t provide a figure, but it posted revenue of 833.8 million pounds ($1.16 billion) in fiscal 2020.
Aveva said Mr. Hayman has decided to return to the U.S. for personal reasons and will leave the group after its annual general meeting in July. While Mr. Hayman’s employment will cease at the end of his notice period on Jan. 31, Peter Herweck will be seconded from Schneider Electric to the role of CEO for Aveva, effective May 1.
The company said that OSIsoft, which it acquired on March 19, grew its revenue by a mid-to-high-single-digit percentage in fiscal 2021, growing combined group revenue by a low-single-digit percentage on an organic constant currency basis.
Write to Joe Hoppe at email@example.com