Connecting the industrial world

Integrated Annual Report and Accounts 2022

We spark industrial ingenuity by connecting people with trusted information and insights to drive responsible use of the world's resources.

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Chairman's statement

Driving responsible use of the world's resources

For more than 50 years, AVEVA has helped industry advance and improve with cutting-edge technology. Our vision is ambitious: beyond mere operational and engineering efficiency, we seek to drive responsible use of the world's resources.

Philip Aiken AM, Chairman

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Chief executive's review

Connecting people with trusted information and insights

AVEVA delivered a solid set of results in FY22, as the business began to grow following disruption caused by the pandemic.

Peter Herweck, Chief Executive Officer

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Financial highlights

Our progress



FY21: £820.4m (up 44.5%)
Annualised recurring revenue1


FY21: £697.8m (up 10.2%)
Pro forma2 revenue


FY21: £1,196.1m (up 3.3%) Up 7.1% on an organic constant currency3 basis
Loss from operations


FY21: Profit from operations £36.6m
Pro forma2 adjusted4 EBIT


FY21: £354.7m (up 2.9%) Up 7.7% on an organic constant currency3 basis
SaaS revenue


FY21: £23.4m (up 18.8%) Up 23.9% on an organic constant currency basis
Diluted EPS


FY21: 11.27p
Pro forma2 adjusted4 diluted EPS


FY21: 105.34p (down 5.5%)
Net debt5


FY21: £367.4m (up 10.3%) Up 2.5% on an organic constant currency3 basis
  1. Annualised recurring revenue (ARR) represents the annualised value of the recurring revenue base that is expected to be carried into future periods.
  2. Pro forma results are prepared on an adjusted basis and additionally add back the deferred revenue haircut arising on the acquisition of OSIsoft. They include results for both AVEVA and OSIsoft for the 12 months to 31 March 2021.
  3. Organic constant currency results are presented under FY21 foreign exchange rates and adjust for M&A activity.
  4. Adjusted figures are calculated before amortisation of intangible assets, share-based payments and exceptional items. Where relevant this also includes the tax effect of these adjustments.
  5. Net debt is defined as cash and cash equivalents, less the carrying value of the Group's loans and borrowings.

Finance review

On 25 August 2020, AVEVA announced that it had reached agreement to acquire OSIsoft at an enterprise value of $5.0 billion. The transaction subsequently completed on 19 March 2021 and therefore the statutory results compare the performance of the combined AVEVA and OSIsoft business in FY22 with the standalone AVEVA business plus 12 days of OSIsoft ownership in FY21. The finance review begins with a commentary of those statutory results and then covers pro forma results to show the underlying performance of the combined business.

Brian DiBenedetto, Chief Financial Officer.

Download Finance review (PDF 139kb)
Our Purpose, mission and Vision

Sparking industrial ingenuity

AVEVA launched in the 1960s to empower industry with better technology solutions. More than 50 years later, we continue to deliver on this purpose, sparking industrial ingenuity with innovative software.

Find out more about our Vision & Mission on Download Our purpose, mission and vision (PDF 666kb)
Our purposeWe spark industrial ingenuity
Our missionby connecting people with trusted information and insights
Our visionto drive responsible use of the world's resources.
Our strategy Cloud-first strategy Growth and diversification Innovation Business model transition Operational excellence
Our ESG pillars Technology handprint Inclusive culture Operational footprint
Our integrated environmental, social and governance (ESG) framework, strategy and values support our purpose, mission and vision.
AVEVA is powering the digitalisation and transformation of the industrial world. Our software helps realise new value for critical industries and the global communities which depend on them.
Our values
Icon Impact
Impact We make a positive, sustainable difference in the world
Icon Trust
Aspiration We aim high and surpass the expected
Icon Curiosity
Curiosity We ask questions, and experiment to find powerful, meaningful solutions
Icon Trust
Trust We put people first and build relationships based on inclusion and respect
Case studies

Delivering customer success

Democratising data for sustainability
Dominion Energy uses AVEVA software to share renewable energy data with customers, unlocking new revenue opportunities

University takes a data-centric approach to net zero
University of California at Davis saves over $150,000 annually

A digital twin provides competitive advantage for Nigeria LNG
Driving energy security and innovation

Environment, Social and Governance

Our handprint, footprint and culture

We are pursuing a sustainable future through everything we do, empowering more efficient use of resources through our software and embedding sustainable, responsible practices in all aspects of our business. Our ESG framework reflects how we think about sustainability and execute our strategy.

Our approach prioritises those issues which are most material, as identified as part of a rigorous materiality assessment. We approach materiality through two lenses: what is important to our people and business, and what is important to our other key stakeholders.

Download Our ESG section (PDF 1.8mb) Learn more about Sustainability at AVEVA
Aveva diagram wheel