(RTTNews) - Engineering data and design IT systems provider Aveva Group plc (AVV.L: News ) reported Thursday a decline in profit for the first half, reflecting lower initial fees from the Marine market as well as restructuring costs. The company also raised the interim dividend by 5%, compared with the previous year.

Aveva Group's first-half profit attributable to equity holders of the parent dropped to GBP 15.57 million or 22.87 pence per share from GBP 20.62 million or 30.34 pence per share in the past year, although exchange rate fluctuations of US Dollar and Euro enhanced first-half profits by about GBP 5 million.

The results of the first six months of 2009 included restructuring costs of GBP 1.81 million related to workforce trimming, following the merger of Central, Eastern and Southern Europe and Western Europe, Middle East and Africa sales divisions and the restructuring of operations in Research and Development. Share-based payments were GBP 598 thousand, compared to GBP 526 thousand in the year-ago period. Amortization of intangibles, excluding software, reduced to GBP 926 thousand from GBP 1.24 million.

Excluding special items, profit decreased year-over-year to 27.76 pence a share from 32.93 pence a share.

Profit before tax for the period came down to GBP 23.31 million from GBP 29.25 million in the year-ago period. Adjusted profit before tax slid to GBP 26.6 million from GBP 31.0 million.

The company's revenue declined 7% to GBP 69.88 million from GBP 74.84 million, as the global economic uncertainty affected short-term trading, especially the initial fees collected from the Marine market.
Recurring revenue grew 18% to GBP 48.11 million from GBP 40.87 million. Included in recurring fees were annuals, which rose to GBP 19.84 million from GBP 14.99 million. Rental fees climbed year-over-year to GBP 27.57 million from GBP 25.01 million, while revenue from recurring services dipped to GBP0.70 million from GBP 0.86 million.

Initial fees declined 44% to GBP 16.19 million from GBP 28.84 million, while Service revenue edged up to GBP 5.58 million from GBP 5.12 million in the prior-year period.

By region, revenue in Asia Pacific slid 24% to GBP 23.5 million from GBP 31.1 million, mainly resulting from the reduction in initial license fees in the Marine industry due to the lack of new ship orders and expansion in yard capacity. Revenue in the Europe, Middle East and Africa region moved up 3% to GBP 34.4 million from GBP 33.4 million in the first half last year. Revenue in Americas increased 15% to GBP 12.0 million from GBP 10.4 million.

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