Aveva restructure

Aveva, a provider of engineering data and design IT systems, has announced strong results for the year ending 31 March 2009, but is anticipating difficult trading conditions ahead.

The Cambridge-based group reported a 29 per cent increase in revenue and a 31 per cent rise in adjusted profit before tax, up from £47.9m to £62.6m, following growth in the marine, oil and gas and power markets. Profit before tax was up 32 per cent to £59.2m and basic earnings per share increased 23 per cent to 62.27p.

These results were boosted by strong performances in the Asia Pacific and central, eastern and southern European regions (CES) where revenue increased by 32 per cent and 40 per cent respectively.

However, despite a robust order book in the first half of the year, Aveva said that increasing market turbulence and lower oil prices were causing some of its projects to be delayed and cancelled.