A surge in demand for ship-design software in the Asia Pacific region has led to a bumper years for British software firm Aveva Group.
The Cambridge-based company’s shares rockected up more than 12 per cent after it reported an 11 per cent rise in full-year profit, one of the biggest percentage gainers on the London Stock Exchange this morning.
The firm said its engineering and design systems unit, which helps create digital plants and ships that are part of major projects, saw a 14 per cent organic growth on constant currency basis after it increased its product offerings.
"It has been a strong year for us in Asia Pacific, primarily driven by Korean customers, most of whom are ship builders," chief executive Richard Longdon told Reuters.
The company said adjusted pre-tax profit rose to £78.3m for the year that ended on March 31, while revenue rose 8 per cent to £237.3m pounds.