AVEVA on track in first half

AVEVA, the engineering data and IT systems group, said it has made 'good progress' in the first half, seeing solid revenue growth despite the impact of adverse foreign exchange rate movements.

In its trading update for the six months to September 30th, the company said that, as usual, the financial year is more second half-weighted due to the number of large rental renewals and timing of customer spend.

The Engineering & Design Systems business has performed in line with expectations with Oil and Gas continuing to be the main driver of demand.

Enterprise Solutions has shown further revenue growth in the first half. The company said that its global partnership with Infosys announced during the period will play a "key role in the development of the Enterprise Solutions business".

Meanwhile, Bocad, the European structural steel detailing software business that the company bought in May for £14m, has performed in line with expectations since acquisition.