AVEVA Group plc (AVV.L, AVEVF.PK), a provider of engineering data and design IT systems, issued an interim management statement for the period from October 1, 2013 to date.
Since its interim results announcement in November 2013, the company noted that it has not witnessed any noticeable shift in the trends reported at that time and overall the Group continued to perform well during the period. The Group said it maintained a strong balance sheet and continued to see solid cash generation in the third quarter.
While the Americas region continued to feel the effect of soft market conditions in Latin America, AVEVA has seen further good progress in the U.S. and Canada, thereby building on the success achieved in the first half. The Asia Pacific region still improves at a steady pace, with continued strength in South Korea more than offsetting the generally weaker economic conditions in China. The EMEA region has been affected in the current fiscal year, impacted by the lower than expected revenue growth in Enterprise Solutions, and some continued weakness in Russia and the Middle East.
During the first half of the fiscal year, the Group revenue benefitted, on a reported basis, from sterling weakening against the Euro and Korean Won, partially offset by a strengthening against the Japanese Yen. On the other hand, in the second half, sterling has strengthened significantly making a negative foreign exchange translation impact more likely for the year.
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