AVEVA reports solid first half, lifts dividend

AVEVA which provide engineering data and designs IT systems, scored solid half year profit gains after a robust overseas performance, in particular Asia Pacific.

The Cambridge based group, which makes software for designing industrial structures like oil rigs, said pre-tax profit increased to £25.8m for the six months ended September 30th 2012 from £23.8m the year before. Revenue for the period jumped 15% to £97.6m.

Asia Pacific logged revenue growth of 21%, EMEA increased 13% while the Americas posted a 6% gain.

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AVEVA said its new China business returned to growth, following recent reorganisation, and after strong demand from Oil & Gas and Power customers.

The group also said its expansion plans in India are on track, with good revenue growth in the first half.

Meanwhile recurring rental contracts in North America renewed on broadly the same terms as previous periods however in Latin America its first half performance was hurt by delays in some project start-ups in Brazil.

Chief Executive Richard Longdon commented: "These results highlight the breadth, quality and scale of our global business today, with multiple growth drivers across geographies and industries."

"The recent launch of our new, leading-edge product, AVEVA Everything3D, highlights our ability to maintain technology leadership through continuous innovation."

AVEVA has recommended an interim dividend payment of 4.5p, up from 4p the year before.

CJ