18th Nov 2013 08:32
LONDON (Alliance News) - Aveva Group PLC Monday said its pretax profit increased 5.8% in its first half, as the company's engineering and design systems division sales offset slower-than-expected growth in its enterprise solutions division.
The engineering data and design IT technology developer said its pretax profit increased to GBP27.3 million for the six months ended September 30 from GBP25.8 million in the same period the previous year.
The company said that sales increased 11% during the period to GBP108.5 million from GBP97.6 million the previous year as the company's flagship Engineering & Design Systems division sales increased 12%.
However, Aveva said its operating expenses increased 12% to GBP73.0 million from GBP65.0 million and that there was slower than expected growth in its enterprise solutions division, which will lead to lower-than-expected revenue for that division for the full financial year.
The company said it is well positioned to deliver against profit and sales expectations for the full year, and it remains confident in the long-term potential of its enterprise solutions business.
Aveva shares were down 5.3% to 2,431.00 pence, making it the top FTSE 250 loser in early trading Monday.
By Tom McIvor; [email protected];
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