aveva group plc said thursday that revenue on a constant currency basis fell by a midsingle digit rate in the first quarter of fiscal 2023 and that its sales pipeline was solid for the remainder of the fiscal year the uk engineering and industrialsoftware company said the fall in revenue for the three months ended june 30 stemmed from a decline in perpetual licenses which have upfront revenue recognition this was also due to a strong comparator in the prior year and a pull forward of order wins into the fourth quarter of fiscal 2022 ahead of the price increase it said on a reported currency basis revenue for the period was flat aveva said annualized recurring revenue or arr rose 11 yearonyear in the 12 months to june 30 driven by growth in the annualized value of its subscription and cloud contracts the company added that it expects arr growth to accelerate during fiscal 2023