Invensys plc
17 May 2012
RESULTS FOR THE YEAR ENDED 31 MARCH 2012
Highlights
· Order intake was £2,750 million (2011: £2,452 million), up 12% (13% at CER2), with major awards for rail signalling contracts in both new and core markets in Invensys Rail and good momentum across all lines of business in Invensys Operations Management
· Revenue was £2,539 million (2011: £2,486 million), up 2% (3% at CER), driven by large greenfield contracts in Invensys Operations Management and new market contracts at Invensys Rail, offset by a reduction at Invensys Controls
· Operating profit3 was £209 million (2011: £262 million), down 20% (20% at CER), following £60 million of additional contract costs announced in January 2012
· Underlying earnings per share4 were 13.4p (2011: 19.8p), down 32%
· Operating cash flow was £159 million (2011: £213 million) and net cash at year end was £262 million (2011: £348 million)
· Sound financial position following signing of new £600 million bank facilities and reaching final agreement on triennial review of Invensys Pension Scheme (UK) which resulted in no change in funding plan
· Recommended final dividend of 2.75p per share (2011: 2.5p per share); total dividends for the year of 4.4p per share (2011: 4.0p per share), an increase of 10%
Wayne Edmunds, Chief Executive of Invensys, commented:
"During the year, we made good progress with some significant achievements that position us well for the future. In particular, we reorganised into lines of business within the divisions to increase focus on our industry-leading technologies and we are investing in enhancing many of our core technology platforms. We also grew the Invensys Rail order book significantly and agreed the triennial review of the Invensys Pension Scheme (UK) with no change to the funding plan.
"However it is disappointing that our profitability was reduced by additional costs arising from our nuclear projects in China within Invensys Operations Management and a handful of contracts within Invensys Rail. We have responded by strengthening our procedures and management teams in a number of areas.
"We have three strong businesses with leading positions in industries with structural growth drivers and it is our clear focus to ensure that we capture the opportunities available to us to build shareholder value. Overall we are looking forward to a year of improving performances across our businesses."
