Software sales slip at Aveva

Joe Hall
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AVEVA, whose software is used to design power plants and oil and gas facilities, warned investors yesterday that its sales have been stuttering due to falling oil prices.

The company is reliant on the oil and gas market for 45 per cent of its revenues, but said it is “experiencing increased uncertainty and reduced visibility” in the sector which has been “exaggerated recently by the sharp decline in oil price”.

Despite the setbacks, however, Aveva has a strong balance sheet and finished 2014 with cash of £120m.

Shares fell 1.43 per cent to close at 1,379p in London yesterday.