RNS Hilights19 May 2011 22:34
RESULTS FOR THE YEAR ENDED 31 MARCH 2011
RNS Number : 8818G
Invensys PLC
19 May 2011
Invensys plc
RESULTS FOR THE YEAR ENDED 31 MARCH 20111
Financial highlights - continuing operations
· Order intake was £2,452 million (2010: £2,473 million), down 1% (down 3% at CER2)
· Revenue was £2,486 million (2010: £2,243 million), up 11% (up 9% at CER)
· Operating profit3 rose 6% (up 5% at CER) to £262 million (2010: £248 million)
· Underlying earnings per share rose 48% to 19.8p (2010: 13.4p)
· Operating cash flow was £213 million (2010: £265 million) and free cash flow was £83 million (2010: £100 million)
· Recommended final dividend of 2.5p per share (2010: 2.0p per share); total dividends for the year of 4.0p per share (2010: 3.0p per share)
· Continued strong financial position with net cash of £348 million
Business highlights
· Strong order intake in Invensys Operations Management and Invensys Controls offset by fewer large orders in Invensys Rail
· Major contract awards during the year for control and safety systems at four nuclear reactors in China
· Good revenue growth across the Group driven by large greenfield contracts in Invensys Operations Management and new market contracts at Invensys Rail
· Provisional outcome of triennial review of UK Main Pension Scheme shows no change in deficit funding contribution schedule
Wayne Edmunds, Chief Executive of Invensys, commented:
"I am delighted to be leading Invensys in the next stage of its development. Having worked closely with our businesses over the past two years as Chief Financial Officer, it is clear to me that we have three strong divisions each with management strength in depth and the ability to create significant growth and value. We are a global company operating in end markets which each have strong growth prospects. Our overall strategy remains unchanged but we will have an increased focus upon execution."
"We have produced another good performance for the year and, looking forward on a constant currency basis, we expect a year of further progress."