Tepid demand from oil and gas and marine clients weighed on Aveva (AVV) in the six months to 30 September. Organic, constant-currency initial licence fees slumped 18 per cent at the engineering data and design software group, driving underlying pre-tax profit down a fifth to £13.7m.
On the bright side, management hopes to cement the proposed deal with Schneider Electric by December, and complete it next summer. The complex transaction would see the French energy giant acquire a majority stake in Aveva in return for its software business, and promises a windfall for Aveva's shareholders of 885p in cash per share. Operationally, the result should be a business "without compare" that offers a full range of design, simulation, construction and operational feedback tools, the group's directors claim.