1、Annual Report 2003TMCover for PDF 2 27/5/03 10:01 AM Page 2CHAIRMANS STATEMENTI am delighted to report AVEVAs results for the yearended 31 March 2003 with the achievement of recordrevenues,profit and a strong balance sheet.Theseexcellent results have been achieved against a difficultworld economic b
2、ackground and reflect the strength ofAVEVAs market position and products.During the year,turnover increased 13%withrecurring revenue contributing over 58%of the total,operating margins weresustained and profit before tax and intangible asset amortisation improved by11%.An increased final dividend of
3、 3.8p is proposed,making a total for theyear of 5.6p(2002:5.4p).AVEVAs long-term strategy remains unchanged.The group is wellestablished as a leader within its market for high level engineering informationsystems,reflecting the progressive development of the product and serviceportfolio through in-h
4、ouse developments and carefully selected acquisitions.AVEVAs multi-national customer base already spans a broad range of sectorswhich build and operate major capital plant,giving resilience during a periodwhen economic fortunes have varied between sectors.It is evident thatadditional gains in market
5、 share can be achieved by further developing theproduct and service portfolio to meet the needs of other market sectorsrequiring complex engineering data and design solutions similar to thoseprovided by AVEVA.Dr Jeremy Fairbrother retired from the Board during the year toconcentrate on his commitmen
6、ts as Senior Bursar of Trinity College,Cambridge.We have greatly appreciated his wise counsel during the six years he was a non-executive director and wish him well for the future.The robustness of AVEVAs business has served it well over the past year.Looking ahead,global trading conditions remain u