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.
Subscribe to 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
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
-
RICS: Housing market continues to strengthen but 2025 could be challengingThe latest survey by the Royal Institution of Chartered Surveyors reports a resilient UK housing market, but warns of headwinds next year
-
Bitcoin price one of the most-asked questions on Alexa - here's how to buy the cryptocurrencyAccording to figures from Amazon, which cover September 2023 to November 2024, pop star Taylor Swift and Bitcoin were named among the most popular Alexa queries of 2024
