Aveva CEO steps down, Brexit currency benefit eyed

8th Jul 2016 07:03

(ShareCast News) - Aveva Group has announced the stepping down of chief executive Richard Longdon after three decades at the data and IT group, which also said it could benefit from a potentially sizeable currency gain for the full year due to weakness of sterling since the EU referendum.The FTSE 250 engineering data and IT provider, which said Longdon would be replaced by chief financial officer James Kidd at the end of 2016, added that trading had remained satisfactory in recent weeks.Kidd, who has been CFO since January 2011 and taking an increasing role in the commercial and operational development of the group in recent years, will be replaced in that role by Aveva's current head of finance, David Ward.On trading, Aveva said it had made "satisfactory financial and operational progress in line with expectations", with no noticeable change in the trends noted at the time result were reported on 24 May, with a repeat of the seasonality seen last year.But the increased forex volatility and weakening of the pound versus the euro and dollar, if extended for a prolonged period, was said to be likely to produce a currency benefit for the full year.Aveva also said net cash stood at £133m at 30 June thanks to strong cash generation in the first quarter.