Software group Aveva struck by difficulties in Brazil oil and gas

DELAYS to oil and gas projects in Brazil have affected design software company Aveva, whose engineering technology is used to design oil rigs, power plants and ship structures.

However, the FTSE 250 company said it had been boosted by increased spending in the Europe, Middle East and Africa region and continued growth in Asia Pacific.

Much of Aveva’s growth has been targeted in Russia, India and China in recent months. In November, the company reported a 21 per cent growth in Asia Pacific revenues during the first half of the financial year and yesterday it said: “We have not seen any noticeable shifts in the regional trends we reported at the time.”

Aveva is betting on the success of its new Everything 3D software to drive further growth in the future.

The modelling technology has recently been put on sale and the company said it was seeing “good levels of interest” but that it did not expect sales to take off in this financial year, which runs until the end of March.

Because of Aveva’s specialist focus, it has survived a slowdown seen elsewhere in the software industry, and investors have piled in on the stock, sending shares to historic highs.

However, warnings over Brazil meant shares dropped by just over 1.5 per cent yesterday.