Aveva Group announce 11% rise in profits

Company announces strong financial figures for 2013

Company's pre tax profits are $131.7mn.
Company's pre tax profits are $131.7mn.

Oil and gas software development company Aveva Group , said its full-year profit rose 11% due to a strong organic growth at its Engineering and Design Systems unit and improved margins.

The company said adjusted pretax profit rose to $131.7 million. Revenue rose 8% to $400 million.

The company, whose software is used to design power plants, shipping and oil and gas facilities, said its Engineering and Design Systems unit saw a 14% organic growth on constant currency basis after it increased its product offerings.

Adjusted profit margin rose to 33% from 32.1% a year earlier.

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