AVEVA Group plc ("AVEVA"; stock code: AVV), one of the world's leading providers of engineering data and design IT systems, announces the following trading update for the six months ended 30 September 2012.
The Board is pleased to announce that AVEVA made good progress in the first half of the financial year.
We expect to report good revenue growth in the first half over the same period last year, despite the impact of adverse foreign exchange rate movements. Historically, the financial year is more second half weighted mainly due to the number of large rental renewals and timing of customer spend. This trend looks set to continue this year.
The Engineering & Design Systems business has continued to perform in line with plan with Oil and Gas continuing to be the principal driver of demand. Enterprise Solutions continues to show further growth in revenue in the first half. During the period AVEVA was pleased to announce a global partnership with Infosys, which we expect to play a key role in the development of the Enterprise Solutions business.
Also in May 2012, we announced the acquisition of Bocad, a leading structural steel detailing software business. Since the acquisition, Bocad has performed in line with expectations delivering four month's revenue in the period and the integration of the company has progressed according to plan.
At the ACHEMA event in June, AVEVA announced a major new product initiative. Since the period end this new 3D Design Platform AVEVA Everything3D (E3D) was unveiled to customers at the AVEVA World Summit in Paris on 11th - 12th October, and generated high levels of customer interest. The new product evolves AVEVA's technology leadership in providing the most comprehensive and efficient 3D plant modelling for the design and construction of new projects. The product is scheduled to start shipping in late December.
AVEVA will announce its interim results for the six months ended 30 September 2012 on 12 November 2012.
