CIMdata PLM Industry Summary Online Archive
25 January 2010
Financial News
AVEVA Interim Management Statement
AVEVA Group plc announced the following Interim Management Statement for the period from 1 October to date.
Since the announcement of the Interim Results in November 2009, the Group's performance has been satisfactory and the Board is confident of the outturn for the year.
We continue to make progress in the Oil, Gas and Power markets which have been resilient across our geographies. These segments are benefiting from ongoing projects and demand from new economies where resource finds are driving new sales. In particular, Brazil remains a high growth area for us where we see continued opportunity within the Oil and Gas market. As a result we continue to invest in office expansion and people to support the needs of our local customers in this area. As anticipated, the Marine market has continued to suffer from recent economic events.
AVEVA NET continues to benefit from sales to customers looking to improve the management of plant data to increase efficiency of maintenance, revamp and health and safety requirements.
The Group has a strong balance sheet with net cash and continues to be cash generative.
Richard Longdon, Chief Executive, said: "Although some uncertainty remains in our underlying markets we continue to make investments in both expanding our geographical presence and product enhancements to ensure that AVEVA benefits from both short and long-term opportunities."
The Group will be announcing the preliminary results for the year ending 31 March 2010 at the end of May 2010.
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