AVEVA’s 1H pre-tax profit leaps 67%; global economic turmoil has had “little impact” on current trading
AVEVA Group plc, one of the world's leading providers of engineering data and design IT systems, revenue increased by 32% to £74.8m and pre-tax profit jumped by 67% to £31m for the half year ended 30 September.
It reported strong cash flow with net cash of £101m (2007 - £54.5m).
Chairman Nick Prest said the results "again demonstrate AVEVA's core strengths in the markets we serve, where our technology, industry knowledge, geographical presence and understanding of customers' developing requirements position us as a market leader.
"The performance in the first half was driven by the continuing demand for large, complex projects across all our major markets. Our investment in new products and our ability to service these through our regional network of offices will continue to keep us close to the developing requirements of our customers."
AVEVA is one of the leading providers of engineering IT solutions to many of the world's largest companies in the Plant, Power and Marine businesses.
"Whilst our products and the markets in the last few years have been focused on the early stages within the project lifecycle, more recent developments and opportunities relate to the management and maintenance of these high value assets throughout the production cycle", Mr Prest said.
"Our existing relationships and product offering position us well to benefit from this next stage.
The Cambridge-HQed group saw its share price gain 1.6% on the news. It is now valued at around £490m. Its share price has taken a big hit since September as worries about the global economy have taken hold in the markets and elsewhere.
However, Mr Prest said: "We acknowledge that recent and rapid developments within the world economy have created less certainty about future demand and whilst there has been little impact on our current trading we continue to monitor the situation closely."
