Aveva rise fuelled by oil and gas sectors
British engineering design software group Aveva posted a 14 per cent rise in adjusted profit, helped by a strong demand at the end of the year from the oil and gas industries, increasing its confidence for the current year.
The group reported adjusted pretax profit of £62.3m – the market was expecting an average of £60m – on revenue up 13 per cent to £195.9m for the year to the end of March.
The company, whose software is used to design ships, oil refineries and nuclear power stations, said it expected a better performance in China after a restructuring.