Aveva, the UK-based provider of engineering data and design systems, is gaining strength on the back of regularly increasing demand for its products both at home and internationally, and its expansion information management which is starting to contribute to the business. With visible demand over the coming years, particularly from new build nuclear plant activity in India and China, the outlook looks bright too.
Having delivered double-digit yoy growth in the year to March 2012 (see Aveva ends with a flourish), it managed it again in the year to March 2913. Overall revenue was up 12% to £220.2m, delivering adjusted PBT of £70.7m (up 13%), or £63.6m (up 10%) on a straight PBT basis. It is delivering a special dividend as a result of overall performance. The company is already regularly outperforming sector giant Autodesk (see Autodesk: demand still weak) and on present form it looks like it will continue to. All regions saw good growth, including the UK, which saw revenue rise from £19.2m from £16.6m.
Aveva reached a milestone during the year to March 2013 when its ‘new’ Enterprise Solutions division delivered a profit for the first time. With revenue to £30.7m, it is still a small part of the business but with 31% divisional growth over the year it is growing rapidly, confirming the value of the expansion. In the core Engineering and Design Systems division revenue was up a more modest but still highly respectable 10% to £189.5m. Part of this was due to the Bocad acquisition but even without this underlying growth was 9% on a constant currency basis. Aveva continues to sit very comfortably and perform with confidence in its selected markets.