Shared of AVEVA zoomed up in price today by 32% after the plant and shipbuilding design software company reported that its half-year financial statements, due soon, will reflect "unprecedented demand." AVEVA is based in Cambridge, UK; the stock closed today on the London Stock Exchange at 506.00, up 124.75.
"AVEVA is currently experiencing unprecedented demand for its products and services," reads an announcement from the company. "This demand is across all regions with exceptional performance in the Asia Pacific market. This success has been driven by our leadership position in the high growth marine, oil and gas and power sectors, where we have long-term partnerships with blue chip customers. Having won a number of strategic contracts in the period, AVEVA continues to further strengthen its market position."
The AVEVA announcement continues with a statement from company CEO Richard Longdon, "The very strong performance in the first half reflects our strength in buoyant high growth markets and a number of anticipated contract wins impacting earlier than expected, thereby delivering a substantial increase in profits early in the year. We continue to invest in all aspects of our business to meet demand and future opportunities in all our major markets and geographies."
The company said that a number of key contracts involving initial upfront fees, rather than rental revenues, had also significantly accelerated performance in the first half of the company's fiscal year.
AVEVA will announce its interim results for the six months ending September 30, 2006 on Tuesday, November 14.
--RSN