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Invensys posts £77m pre-tax profit

Tech company confident of delivering improved full-year performance

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Technology company Invensys has posted a pre-tax profit of £77 million in the six months to September end, up from £73 million over the corresponding period last year.

In a data release on Thursday, the software, information and automated process control solutions provider said that its underlying earnings per share rose 10 percent to 7.6p from 6.9p a year earlier, largely as a result of reduced restructuring costs.

Revenue was down 2 percent on a constant exchange rate (CER) basis to £1.2 billion from £1.24 billion in the first six months of the previous financial year.

Order intake was £1.044 billion, down 2 percent at CER from £1.09 billion over the same period last year, mainly due to the timing of orders at its Invensys Operations Management and Invensys Controls subsidiaries.

Chief Executive Wayne Edmunds said Invensys Operations Management had continued to perform well with growth in revenue and operating margins.

However, Invensys Rail got off to a slow start to the year due to timing of orders from Network Rail and other timing issues. Invensys Controls was affected by weaker economies in the US and Europe, Edmunds added.

"Looking ahead, subject to any significant changes to the global macro-economic environment, our good first half performance and strong order book supports our view that we will improve our performance for the year as a whole," he concluded.


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