Aveva on track for FY

18th Apr 2011 07:24

Engineering software firm Aveva said it expects full year results to be in line with expectations after a good performance in Asia Pacific Oil and Gas and Power sectors. "The group has continued to perform well in its key vertical markets and geographies, consistent with the trends identified in January 2011," the group said in company update.While Asia Pacific performed strongly, driven by the Oil and Gas and Power sectors, there were also signs of improvement in Marine from Offshore Oil and Gas projects, Aveva said. The group also underlined that, to date, there has been no impact on the business from events in Japan.However Aveva warned that growth rates in EMEA, Central Europe was hindered by the slower economic recovery across the region during the year.Similarly in the Americas, North American sales were hurt by the "economic conditions and the competitive environment". Latin America continued to grow strongly however, as new opportunities in the Oil and Gas market in Brazil open up.Commenting on the group's progress, chief executive Richard Longdon said, "We are encouraged that we have seen market conditions generally improve in the last quarter although we are conscious of continuing global uncertainties." CJ