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
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
