Industrial software firm Aveva confident as end-markets improve

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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)

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