AVEVA results to be more second half-weighted after soft Q1

14th Jul 2014 07:43

AVEVA, which provides engineering data and design IT systems, reiterated its full-year guidance despite a soft first quarter, in which it was hit by negative currency movements and the seasonal timing of contracts.The company explained that the first quarter of the financial year is normally the "least significant" for the business and this year was no exception.A strengthening of sterling against a number of currencies in territories in which AVEVA operates, which began in the second half of the previous financial year, has continued to have an "adverse impact", though the company did not say by how much.Meanwhile, the effect of timing and phasing of rental contracts, which tends to result in the majority of rental renewals occurring in the second half, will be "somewhat more pronounced" this year with revenues geared more towards the second half than in previous years.Looking ahead, the company said: "Our technology leadership and the broad international spread of our business position us strongly to exploit the underlying market drivers and deliver sustained growth."BC