16th Apr 2010 07:00
16 April 2010
AVEVA Group plc
Period end trading update
AVEVA Group plc ("AVEVA" or the "Company"; stock code : AVV), one of the world's leading providers of engineering data and design IT systems, today announces a trading update following the end of the financial year to 31 March 2010.
Overall the Company made good progress during a challenging year. As a result, the Board expects that full year results will be marginally ahead of current consensus market forecasts.
The trends highlighted in our Interim Management Statement issued on 25 January 2010 have continued to feature with progress being made in the Oil and Gas and Power markets, which have been resilient across our geographies. In addition, we are exploiting higher growth opportunities in selected markets such as Brazil. The Marine market continues to suffer from the global economic slowdown.
Good progress was made with AVEVA NET over the year with high levels of interest from potential customers into 2010.
The Group has a strong balance sheet and continues to be cash generative.
Richard Longdon, Chief Executive, said: "This was a good performance during a challenging year, reflecting the fundamental strengths of our business model and leading market position. We have a robust pipeline of new business but some customers remain cautious on commitment to large capital spend which is expected to continue in the near-term."
The Group will be announcing the preliminary results for the year ending 31 March 2010 at the end of May 2010.
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 |
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AVV.L