Industrial software firm Aveva confident as end-markets improve



© Reuters.

LONDON (Reuters) -British industrial software company Aveva said the business environment had improved in most of its major markets following disruption caused by COVID-19 in the first half of its last financial year, giving it confidence about the year ahead.

The company, which completed the acquisition of OSIsoft just before its year-end, met expectations by reporting revenue of 820.4 million pounds ($1.16 billion), down 1.6%, and adjusted earnings of 226.4 million pounds, up 4.4%, for the year to end-March.

Chief Executive Peter Herweck, who joined from majority shareholder Schneider Electric (PA:) at the beginning of the month, said the company was “very bullish” on end markets like data centres, power transmission and distribution, and renewables.

“We do see a stabilisation in mining,” he said in an interview. “If you look at the raw material prices they have really sky-rocketed over the last year or eight months; that will surely bring investment.”

He said it remained to be seen how quickly soaring container freight costs would drive growth in shipbuilding, an important end-market. “We hope to see something this year,” he said.

Shares in the company, which have risen by 3% in the last 12 months, rose as much as 5% on Tuesday following the results.

($1 = 0.7055 pounds)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

READ  Worried about the State Pension? This strategy could boost your retirement income 25%

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here