Aveva, the Cambridge based engineering information technology company, issues an interim management statement on Friday, and bearing in mind that sector peer Invensys recently issued a profits warning relating to delays to Chinese nuclear projects, Aveva may be keen to reassure that all is hunky-dory at its own Chinese nuclear operations.
Broker Panmure Gordon went so far as to contact Aveva to get the all-clear on China. "Aveva says that its China nuclear operations are on track - indeed, some may argue that Invensys told us about continual tweaks to the design and so may actually be a small positive for Aveva," Panmure Gordon said.
"Following our queries, Aveva comments that its business has picked up in H2 [second half] following its reorganisation in China. The nuclear side of Aveva should be relatively unaffected, although budgets for the nuclear players should be smaller for the time being. The majority of spending is at the "preparatory stage" and, of this, design is a big component. Aveva has, this year, received orders (and payments) from a diversified group of nuclear companies spanning designers and operators and expects the number to grow more this calendar 2012 year," Panmure Gordon said.
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