AVEVA today announced that the company made “good progress during a challenging year” as a resilient oil and gas market helped to offset weaker demand in its marine market. The company now expects that “full year results will be marginally ahead of current consensus market forecasts”. Analysts had forecast revenue down 12% for the year ended March 31, 2010 to £144.5 million, according to UK media reports.
"We have a robust pipeline of new business but some customers remain cautious on commitment to large capital spend which is expected to continue in the near-term," CEO Richard Longdon said in a statement. As a result of this patchy recovery, AVEVA is going to focus on higher growth markets, such as Brazil, for opportunities.
AVEVA will be providing more details at the end of May 2010.
Shareholders were clearly expecting greater upside, and the shares were trading down 4.5% at midday in London.