StockMarketWire.com - Engineering and industrial software group Aveva reported that revenue fell 3.5% in the fiscal first quarter owing to disruption caused by the Covid-19 pandemic.

For the period from 1 April 2020 to 30 June 2020, organic constant currency revenue declined 3.5%.

Subscription revenue grew 30%, while as expected, maintenance revenue was broadly flat and perpetual licences and services 'reduced substantially,' the company said.

The order pipeline for the remainder of the financial year was solid and expected to benefit from large contract renewals in the second half of the financial year, it added.

The company reiterated that it faced a 'tough comparative period in the first half of the 2021 financial year, particularly in Asia Pacific, partly due to the early renewal of a large contract in the prior year.'

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