Aveva expects to meet estimates with annual results

20th Apr 2015 07:11

Engineering software group Aveva has delivered a short, albeit positive, pre-close trading update which said annual results should meet analysts' forecasts.The company, which works in the oil & gas, mining, power, chemical, paper and marine industries, said that figures for the financial year ended 31 March "are anticipated to be in line with market expectations."The board believes that this result, which has been achieved in mixed market conditions, positively reflects the resilience of the underlying business model," the group said in a statement on Monday.Aveva, which is due to announce its results on 19 May, is expected to report a pre-tax profit of £60.2m on revenues of £207.9m, down from £69.0m and £237.3m the year before respectively.The company had said back in January that it was experiencing "increased uncertainty and reduced visibility" in the oil and gas market, which drives around 45% of group revenues.