Aveva unveils rise in annual revenue

Engineering software company Aveva reported a 12 per cent rise in revenue on the back of growth in its Enterprise Solutions and Engineering & Design Systems divisions.

The group posted revenue of £220.2m for the year to end of March, up from last year's £195.9m.

Profit before tax climbed 10% to £63.6m from £57.7m, while basic earnings per share increased 14% to 66.97p from 58.86p.

"Aveva delivered another excellent year of growth in 2012/13," said Chief Executive Officer, Richard Longdon.

"As a truly international company selling world leading technology into global industries we have been able to benefit from the positive fundamentals in many of our markets."

The Enterprise Solutions division, which provides software and support for ongoing information management, achieved a 31% rise in revenue to £30.7m as it gained on returns on investments.

The Engineering & Design Systems business, which provides software solutions for the design and construction of assets in the Plant, Power and Marine industries, continued to benefit from global growth trends oil, gas and power. Revenues rose 10% to a record £189.5m driven by demand from engineering, procurement and construction customers.

In the year ahead the group expects to see further growth in the oil and gas industry. Aveva also anticipates a return to profit in Latin America as project delays subside and the spending freeze unwinds.

"Against this backdrop we view the outlook for 2013/14 with confidence," Longdon added.

Shares rose 0.13% to 2,327p at 11:30 Thursday.

RD