Aveva trading in line

12th Oct 2010 07:03

Engineering software firm Aveva said performance in the first half of its financial year was in line with the board's expectations."Our strong base of recurring revenue, together with good growth in developing markets, continues to help mitigate the impact of economic uncertainty," said Richard Longdon, chief executive of Aveva. As anticipated the oil and gas market has remained positive, underpinned particularly in developing countries such as Brazil where the company is achieving good growth with investment in office expansion and people to drive sales. The Power market remains stable but the Marine market continues to be slow. The investment plans for AVEVA NET, the company's project lifecycle management offering, are being progressed focusing on the £500m owner operator market. "Despite remaining a small proportion of group revenue, the AVEVA NET pipeline continues to build with growing customer acceptance of this technology solution," Longdon said.The company added that the integration of the Logimatic and ADB acquisitions is going well, providing Aveva with both know-how and technologies for the company to exploit through its existing sales channels."Ongoing careful investment in product and delivery capability across our portfolio remains a key focus as we reinforce the leadership position of our technologies and global sales infrastructure," added Longdon.