No China crisis for Aveva

Aveva, the Cambridge based engineering technology company, has released a bullish management statement, putting to rest any qualms that it might be suffering similar problems in China to its rival, Invensys.

The problem Invensys had were delays to Chinese nuclear projects, where Aveva itself has interests. Aveva assured that the group is performing in line with the board's expectations, and remains confident the full year results will come in ahead of the previous year.

The company has seen continued demand for engineering and design systems and good levels of interest in new engineering tools.

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Geographically, Europe, Middle East, Latin America and Africa are doing well.

Crucially, the firm says "following the restructuring in China we are seeing increased momentum confirming our positive view about our prospects in this market."

Over the past year Aveva has gained 0.8%, Invensys has dropped 39%.

BS