Schnitger Corporation

AVEVA confident of a successful F12

The earnings news so far has been almost giddy, both retrospectively as PTC and SAP strong December quarters and looking forward as both companies project strong growth for 2012.

AVEVA tamped that down a bit today, releasing an Interim Management Statement (no numbers, only commentary) on its results for the fourth quarter of 2011. The company says it has “continued to perform well and in line with the Board’s expectations” and “remain[s] confident of a successful outturn for the year” ending March 31, 2012. Not giddy in the least, but not awful, either.

The company says it is seeing “continued demand for Engineering and Design Systems and good levels of interest in the new engineering tools”, with “a number of large rental contracts renewed in the period at the same or improved terms compared to the prior year”.

The oil and gas vertical appears to be holding up for AVEVA, while “”EMEA and Latin America continu[e] to perform strongly”. AVEVA is also adding to its backlog for fiscal 2012/2013, signing Enterprise Solutions contracts with “strategically important” new customers.

AVEVA issues these interim statements a couple of times a year. Some have been as cautionary as today’s and some have been more upbeat. Only last year, AVEVA’s January statement cited economic uncertainty in parts of the world, writing about a “successful outturn” exactly as in today’s announcement. Then, in May 2011, AVEVA reported 14% revenue growth for the full year, setting a new record level for total revenue. I don’t think we can read too much into the tone of today’s announcement — maybe it’s been another dreary winter in Cambridge?

AVEVA typically gives a bit more detail in mid-April, after the fiscal year ends on March 31, and a comprehensive review in May. The average of analysts’ revenue estimates for AVEVA’s fiscal 2012 is £193 million, an increase of 11% over 2011.

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