27th Jan 2014 08:47
LONDON (Alliance News) - AVEVA Group PLC said Monday that it continued to perform well and saw solid cash generation in its third quarter, but cautioned that the strength of sterling might hurt its full-year results.
The provider of engineering software and services said Monday that it had benefited from a weaker pound against the euro and Korean won in the first half, although this was partly offset by sterling strengthening against the Japanese yen. However, it cautioned that the strengthening of sterling in the second half made a potential foreign exchange hit for the full year more likely.
In the Americas, AVEVA continued to see soft market conditions in Latin America, but good progress in the US and Canada. Growth in the Asia Pacific region continued at a steady pace, AVEVA said, as a strong performance in South Korea more than offset generally weaker conditions in China.
In the EMEA region, the company saw lower-than-expected revenue growth in its Enterprise Solutions division, as well as some continued weakness in Russia and the Middle East.
Shares in AVEVA were trading down 0.5% at 2,199.00 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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