Aveva H1 profit drops, cautious for 2010

12th Nov 2009 08:04

Engineering IT systems provider Aveva revealed a decline in half year profit and said it remains cautious on the outlook for 2010.Adjusted pre-tax profit fell to £26.6m for the six months ended 30 September 2009 from £31.0m the year before. Revenue for the period declined to £69.9m from £74.8m in challenging market conditions.Commenting on the outlook, Chairman Nick Prest said, " Many of our customers remain cautious about the outlook with continuing uncertainty in some geographies and industries. However, we are successfully exploiting opportunities in developing countries where growth continues."He added, "The Board remains cautious on the outlook for 2010 but believes that the considerable investment made over the years in developing the product portfolio and sales infrastructure positions Aveva well to trade successfully through this challenging environment."The board has recommended a dividend of 3p, up from 2.86p before.