Heading into the final part of the financial year and engineering software supplier Aveva is still on target to meet - but probably not exceed - expectations.
From the sparse interim statement for October 1 to date, we get the impression that the Engineering and Design Systems business is still performing well with some large rental contract renewals in oil and gas. Some have come in with improved terms which is an achievement but it does not look like there have been any surprises. The small but growing Enterprise Solutions unit has secured some ‘strategically important’ customers, which will get 2012/13 off to a good start.
Geographically, EMEA and Latin America are still strong and business in China is picking up following the restructuring of the business.
Aveva’s business is backloaded to H2. At the end of H1 it had revenue of £78.5m. (see Aveva hovers in H1 and promises for H2) and it ended the last full year with £174m. The detail will come with the full results. We expect they will show ‘business as usual’ which is no bad thing.
