7th Jul 2010 07:00
7 July 2010
AVEVA Group plc
Interim Management Statement
AVEVA Group plc ('AVEVA'; stock code: AVV), one of the world's leading providers of engineering data and design IT systems, today announces its Interim Management Statement for the period from 1 April to 30 June 2010.
Following the announcement of the preliminary results on 26 May 2010, the Group has continued to trade in line with the Board's expectations.
The trends previously highlighted in our geographies and end user markets have continued with the Oil and Gas sector remaining generally positive, particularly in Brazil. The Power sector remains stable whilst new orders in the marine market continue to be affected by the global economic slowdown. Trading across all our geographies has continued in the same pattern with strong performances in Eastern Europe and Brazil countered by trading in North America remaining subdued.
The acquisitions of Logimatic and ADB completed on 30 June 2010 and the integration into the existing AVEVA business will be completed over the next six months. Both of these acquisitions bring together highly skilled industry professionals with unrivalled industry knowledge, proven products and solution delivery capacity to the Group.
The Group has continued to invest in AVEVA NET and the pipeline for AVEVA NET remains strong with the aforementioned acquisitions increasing our capability, particularly in the owner operator and Marine PLM markets.
The Group continues to be cash generative and has a strong balance sheet.
Following conclusion of today's Annual General Meeting, as previously advised, David Mann will retire from the Board. Following David's retirement, Philip Dayer will be appointed Chairman of the Remuneration Committee and Senior Independent Director and Hervé Couturier will be appointed to the Audit Committee.
Enquiries:
AVEVA Group plc |
Tel: 01223 556 611 |
Richard Longdon, Chief Executive |
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Paul Taylor, Finance Director |
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Hudson Sandler |
Tel: 020 7796 4133 |
Andrew Hayes / Wendy Baker / Alex Brennan |
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Related Shares:
AVV.L