Invensys Announces Interim Results
Invensys (London) announced its first set of interim results since being formed in February 1999. The company reported sales of 3.4 billion pounds, up 6.6 percent. Operating profits were up 6.4 percent to 516 million pounds and order intake was up eight percent to 3.6 billion pounds."Our first half year progressed well as we grew the business in the face of challenging market conditions," said Lord Marshall, chairman of Invensys. "In Automation and Controls, sales were up, profits were up and cash flow improved significantly. Organic growth resumed in both Power Systems and Controls. Our capital goods related divisions, Intelligent Automation and Industrial Drive Systems, are only beginning to see signs of recovery."