.10 Nov 2014 07:36
FT says
At least the gloomy set of first half results issued by the engineering software specialist came as no surprise.
In September Aveva warned of delayed contracts and softening demand in South Korea and Brazil, saying its interim revenue would be in the range of £84m to £90m.
On Monday it confirmed that sales fell 21 per cent to £85.9m for the six months to September 30. Pre-tax profit fell 48 per cent to £14.2m.
The company, originally spun out of Cambridge University in the 1960s and a global supplier of software to the mining, oil and gas and paper and pulp industries, said it will slow the pace of hiring and reduce bonuses in a bid to save £10m over the next six months.