Plant engineering IT firm AVEVA has announced record growth in revenue, profits, and cash for the six months ended September 30, 2005. Revenue increased 21% year-over, from $42.4 to $51.0 million.
AVEVA, based in Cambridge, UK with US offices in Houston and Wilmington, credits the growth to strong performance across all global regions, and notes that an acceleration in orders is starting to come from emerging economies, particularly Russia and South America.
Oil and gas operations are particularly strong for AVEVA. Clients under contract will be engaged in 44 $1.8 billion offshore developments, 13 $2.6 billion refineries, 27 $1.8 billion LNG plants and 11 $6.2 billion petrochemical plants are currently scheduled to be built over the next 10 years. Among the successes of the previous year have been global projects with customers like BP in Angola and Shell in Nanhai, China. Additionally, Petrobras, the national oil company of Brazil, migrated its legacy data from four of its refineries to AVEVA’s VANTAGE PDMS 3D solution. Petrobras is using AVEVA software in eight of its refineries and is expected to integrate the product across all 14 in time.
AVEVA notes in its announcement that it has increased research and development spending 23% this year, to better support its clients in the future.
--RSN