Aveva falls despite profit growth

15th Nov 2011 08:27

Aveva, the Cambridge based engineering information technology company, has seen revenues rise 9% in the six months to the end of September compared to the same period of 2010.Between April and September the firm turnover totalled £85.2m, producing profits before tax of £26.1m, a rise of 6% on 2010. Adjusted earnings per share rose 7% and net cash at the end of the period was £157.5m, compared to £10.1m in 2010.The interim dividend was raised from 3.36p per share to 4p.Aveva says sales growth in emerging markets is strong and that recurring revenues make up 69% of total revenues.Chief Executive Richard Longdon said of the outlook: "We are pleased with our progress in the first half, especially the development of the Enterprise Solutions business and the continued growth in Latin America and Russia."Shares in Aveva were down 3% in early trading although over the last 12 months the company has risen 10%.BS