Business highlights
Overall the Group produced a solid performance in the first half of the financial year
Following shareholder approval on 10 October 2013, the offer from Schneider Electric S.A. remains subject to a number of conditions including receipt of various regulatory clearances in certain jurisdictions
Financial performance - continuing operations
Order intake was £842 million (H1 12/13: £780 million), up 6% at CER due mainly to improvements in Software and Industrial Automation
Revenue was £862 million (H1 12/13: £877 million), down 3% at CER, with good growth in Software offset by an expected decline in Industrial Automation
Operating profit was £57 million (H1 12/13: £53 million), up 4% at CER
Underlying earnings per share increased by 106% to 7.0p (H1 12/13: 3.4p)
Operating cash outflow was £23 million (H1 12/13: £1 million) mainly due to the investment in working capital in our major China Nuclear projects ahead of payment milestones
Net cash was £492 million (31 March 2013: £268 million)
IAS 19 net pension liability was £34 million (31 March 2013: £477 million)
No interim dividend has been declared (H1 12/13: 1.75p per share) pending completion of the offer from Schneider Electric S.A.
Outlook
We do not expect any significant changes to general market conditions in the near term and continue to expect the Group to improve its performance for the year helped by growth in its higher-margin Software segment and the benefits of the Group reorganisation that was implemented following the disposal of Invensys Rail.
