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November 11, 2014

Aveva’s H1 profits drop 48%

Hit by the reinforcing of sterling against exchange rates of other currencies

By CBR Staff Writer

Aveva has reported a 48% drop in its first-half 2015 pretax profit to £14.2m. This was a drop from £27.3m generated during the corresponding period last year.

During H1, the company’s revenue dropped by 21% to £85.9m during the six months ending 30 September.

The H1 revenue was mainly hit by the reinforcing of sterling against the exchange rates of other currencies in which the company operates.

Aveva chief executive Richard Longdon said: "Whilst the first half financial performance has been disappointing, the underlying fundamentals of the business have not changed given our market leading technology and long-term customer relationships.

"Despite the macro-economic environment, there are a number of steps we are proactively taking to ensure that we remain focused on long-term growth in revenue and profitability.

"We continue to maintain a strong balance sheet, with high levels of cash generation and highly defensible positions in our chosen markets, all of which are underpinned by long-term structural growth drivers.

"As a result, we anticipate achieving a result in the current fiscal year in line with the Board’s expectations."

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Furthermore, Aveva plans to slow down its hiring process as well as trim down bonuses in a bid to save £10m over the following six months.

Aveva said in a statement: "Mixed regional trading backdrop, with areas of strength such as China, India and parts of EMEA offset by a weak performance from South Korea and Brazil."

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