AVEVA registers Revenue of £69.9 million for the six months ended 30 September 2009

AVEVA Group plc today announced its unaudited results for the six months ended 30 September 2009. The company's performance in the first half year focussed on core strengths of supplying solutions and services to customers in the Oil and Gas, Power and Marine markets.

It registered a Revenue of £69.9 million (2008 £74.8 million) and a Recurring revenue up 18% to £48.1 million (2008 £40.9 million) representing 69% (2008 55%) of total revenue.

It's Investment in Research and Development was £10.3 million (2008 £12.9 million)

The Restructuring programme is now complete at a cost of £1.8 million and annualised savings of £5 million per annum.

It's cash generation with net cash and deposits at the period end was £133.9 million (2008 £101 million)

It's Adjusted profit before tax is £26.6 million (2008 £31.0 million) and Adjusted basic earnings per share is 27.91 pence (2008 33.11 pence)[Adjusted profit before tax and adjusted basic earnings per share are calculated before amortisation of intangible assets, sharebased payments and restructuring costs in the relevant year.]

Profit before tax was £23.3 million (2008 £29.2 million)

Basic earnings per share of 22.99 pence (2008 30.50 pence) and Interim dividend increased by 5% to 3.00 pence (2008 2.86 pence)

Commenting on the outlook, Chairman Nick Prest said : "AVEVA has focused on its core strengths in the first half and delivered a solid performance against a backdrop of challenging economic conditions. Many of our customers remain cautious about the outlook with continuing uncertainty in some geographies and industries. However, we are successfully exploiting opportunities in developing countries where growth continues. The Board remains cautious on the outlook for 2010 but believes that the considerable investment made over the years in developing the product portfolio and sales infrastructure positions AVEVA well to trade successfully through this challenging environment."