Aveva falls despite profit growth
Aveva, the Cambridge based engineering IT company has seen revenues rise 9% in the six months to the end of September compared to the same period of 2010.
Aveva, the Cambridge based engineering IT company has seen revenues rise 9% in the six months to the end of September compared to the same period of 2010.
Between April and September the firm made a total of £85.2m, producing profits before tax of £26.1m, a rise of 6% on 2010. Adjusted earnings per share rose 7% and net cash at the end of the period was £157.5m, compared to £10.1m in 2010.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Aveva says sales growth in emerging markets is strong and that recurring revenues make up 69% of total revenues.
Chief Executive Richard Longdon said of the outlook: "We are pleased with our progress in the first half, especially the development of the Enterprise Solutions business and the continued growth in Latin America and Russia."
Shares in Aveva were down 3% in early trading although over the last 12 months the company has risen 10%.
BS
-
Lifetime ISA reform: Retirement option could be scrapped in overhaulA consultation on a product replacing the Lifetime ISA is set to be launched this year, and the option to use it to save for retirement is expected to be axed in the shake-up
-
HMRC stamp duty crackdown sees probes of property deals jump 88% – what to watch out forFrom bogus stamp duty refund claims to misleading the taxman about who owns a property, HMRC is increasing its scrutiny of stamp duty land tax reporting. Here’s how.
