Aveva on an even keel

28th Jan 2011 07:30

Aveva, the developer of engineering data and design information technology systems, remains confident of a successful out-turn for the year after a solid final quarter of 2010.The Asia Pacific division is continuing to perform well with Power and Oil and Gas being the main drivers behind the success in China and other emerging regions. The group is seeing signs of improvement in its Marine business in the region, with some new licence fees hauled in from the major yards involved in offshore Oil and Gas projects.Aveva continues to enjoy strong growth in Latin America, especially from the Oil and Gas sector in Brazil.The North American market was described as "competitive", however.Central Europe lags the rest of the group's markets in terms of recovering from the recession but Eastern Europe and the Middle East continue to deliver good levels of growth from Oil and Gas and Power.AVEVA NET, the group's project life cycle management system, is experiencing increasing demand across each of the group's major geographies and end user markets."The group continues to perform well in specific markets and geographies and is well positioned to benefit as economic conditions improve. We have a strong balance sheet with no debt, strong cash generation and substantial levels of recurring revenue," said Richard Longdon, the group's chief executive.