Aveva demand boosts profit

Software firm Aveva yesterday posted an eight per cent rise in full-year profit after strong demand from customers in the oil, gas and power sectors. Aveva, which makes software used to design nuclear power stations, ships and oil facilities, said adjusted pre-tax profit for the year was £54.7m compared with £50.7m for 2010. The company said its oil and gas sector, which accounts for around 45 per cent of total revenue, had been the main driver behind its growth, with Asia Pacific its standout region. Revenue for the financial year was up 17 per cent to £174m.