News Column

Aveva warns on growing impact of strong sterling on its trading

July 15, 2014

OLIVER SMITH



ENGINEERING software Aveva yesterday cautioned that the continued strengthening of the pound would hinder its performance this year, due to its high levels of trading overseas.


Despite this currency setback, Aveva said that it maintained a strong balance sheet and has been trading geographically in line with expectations over the past three months.


"Since the start of the year, sterling has continued to strengthen against a number of currencies in territories in which we operate," Aveva said in its interim management statement.


"Foreign exchange is adversely impacting the full year 2015 performance through the translation of the results of our overseas subsidiaries."


Aveva's shares slipped nearly one per cent yesterday to close at 2,042p on the news.


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Source: City A.M. (UK)


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