9th Jul 2009 07:00
9 July 2009
AVEVA Group plc
Interim Management Statement
Ahead of today's Annual General Meeting, AVEVA Group plc ('AVEVA'; stock code : AVV), one of the world's leading providers of engineering data design IT systems, announces its Interim Management Statement for the period from 1 April 2009 to 30 June 2009.
Following the Preliminary Announcement on 26 May 2009, the Group has traded in line with the Board's expectations reflecting the anticipated levels of demand across our geographies and end user markets.
We have started to see the anticipated decline in initial licence sales in the marine sector, although shipyards' existing order books for new vessels have remained relatively solid, supporting recurring revenue from existing licences. The plant business, where the majority of revenues are driven by oil & gas and power projects, has been more stable. Concerns over commodity pricing and availability of funding have eased slightly although some nervousness remains. The pipeline for power projects remains robust, reinforced by acceleration in demand for nuclear reactors. Growth opportunities in new geographies such as South America and China are being realised.
The Group restructuring programme announced in April is now substantially complete. The Group is well placed to trade through a more difficult economic environment whilst continuing to invest selectively in growth opportunities. The business remains highly focused on both delivery of new and enhanced technologies in both its traditional products and AVEVA NET.
The development of AVEVA NET technology and its sales and support infrastructure across the globe remains a key priority for the Group. This technology will help AVEVA's customers manage their assets in the design and build phase and in operations and management of both new build and brown field opportunities. As capital budgets have become more constrained, customers are giving great priority to enhancing the life and production of existing assets, funded mostly from operational budgets.
AVEVA is well placed to benefit from opportunities in its international markets given its financial strength and leading market position, combined with a continued focus on evolving customers' needs.
For further information, please consult the AVEVA website: www.aveva.com
Enquiries:
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AVEVA Group plc |
Tel: 01223 556 611 |
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Richard Longdon, Chief Executive |
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Paul Taylor, Finance Director |
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Hudson Sandler |
Tel: 020 7796 4133 |
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Andrew Hayes / Wendy Baker / James White |
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