Aveva Group plc (AVV.L) said Monday, in its interim management statement period from October to date, that performance since announcing interim results in November has been satisfactory and the board is "confident of the outturn" for the year. The group is slated to report preliminary results for the year ending 31 March at the end of May.
Aveva, through its subsidiaries, is engaged in the marketing and development of engineering data and design IT systems.
The Cambridge, UK-based group stated that its Oil, Gas and Power segments are benefiting from ongoing projects and demand from new economies where resource finds are driving new sales. Brazil remains a high growth area for the group with continued opportunities within the oil and gas market, and hence the group added that it would continue to invest in office expansion and people to support the needs of local customers. However, Marine market continued to suffer from recent economic events, said the company.
Aveva said that it is cash generative and has a strong balance sheet with net cash. The group also said that it benefited from sales to customers looking to improve the management of plant data to increase efficiency of maintenance, revamp and health and safety requirements.
In the past, the group had announced many new contracts, extensions and renewals. In mid-2008, WorleyParsons signed a contract to significantly increase WorleyParsons's usage of Aveva's Plant solutions across a gamut of regions, supplementing a two-year global contract placed by WorleyParsons' Kuala Lumpur office.
Earlier this month, Aveva and Z+F announced a stronger technical and commercial partnership focused on delivering new levels of integration and productivity between laser scanning, detailed design and asset management.
In its interim results published in November, the group posted a decline in profit for the first-half, reflecting lower initial fees from the Marine market as well as restructuring costs. The group's profit before tax was GBP 23.31 million on revenue of GBP 69.88 million. However, resilient oil and gas market partly compensated for weakness in ship building.
"Although some uncertainty remains in our underlying markets we continue to make investments in both expanding our geographical presence and product enhancements to ensure that AVEVA benefits from both short and long-term opportunities," noted Richard Longdon, Chief Executive.
AVV.L is currently trading at 1062 pence, up 1.82% or 19 pence, on the LSE.
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