Plant and marine design software supplier AVEVA Group on Friday issued an Interim Trading update in which it said that business from November through January continues more or less to plan, leading the company’s board to “remains confident of a successful outturn for the year.”
The report singled out Asia Pacific and Latin America. In Asia, AVEVA says it is seeing success selling to the power and oil and gas verticals in China and to shipyards involved in offshore oil and gas projects. Latin America is a much smaller market for AVEVA but, the company says, continues to deliver strong growth especially in Brazil.
Other regions are slowly coming back. AVEVA reports that North America “remains a competitive market” while “tough economic conditions persist” in Central Europe.
In the prepared statement, CEO Richard Longdon, said: "The Group continues to perform well in specific markets and geographies and is well positioned to benefit as economic conditions improve. We have a strong balance sheet with no debt, strong cash generation and substantial levels of recurring revenue."
AVEVA will announce preliminary results at the end of May for the year ending March 31.
[Note: There’s not much information in the Interim Reports issued by public companies in the UK. As far as I’ve been able to discover, public companies are required to issue a statement every quarter — but all this statement has to do is explain material events (acquisitions, for example) and provide “a general description of the financial position and performance of the issuer” according to DTR 4.3.5 from the FSA UK regulatory authorities. We’ll have to wait until May for details. — Ed.]