News Column

AVEVA Maintains Full-Year Expectations But Cautions On Sterling

July 14, 2014

Hana Stewart-Smith

LONDON (Alliance News) - AVEVA Group PLC Monday maintained its expectations for the full year on a constant currency basis, although it highlighted that sterling has continued to strengthen against a number of currencies in territories in which it operates.

The engineering data and design IT systems provider said it had not seen any noticeable shift in trends since reporting its full-year results in May, and noted that its first quarter is seasonally its "least significant".

AVEVA said its performance in the quarter had been affected by foreign exchange rates and the timing of key rental contract renewals. The strengthening of sterling has been hampering the company's results, it said, and it expects this to mostly hit its performance in the first half of the current year.

However, it expects a stronger second half as its 'One AVEVA' strategy begins to show benefits, and revenues are more heavily weighted towards its second half due to the timing and phasing of rental contracts.

Shares in AVEVA were trading down 1.6% at 2,029.00 pence Monday morning.

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Source: Alliance News

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