Update on current trading at AGM

Update on current trading at AGM

Invensys plc, the global automation, controls and process solutions Group, today gave an update on current trading at its Annual General Meeting.

Addressing the shareholders at the Meeting, Chairman Martin Jay said:

"In our Preliminary Results in May, we stated that our key markets were showing encouraging signs and that, in addition, customer confidence was returning following the Group's successful refinancing. This remains the case, particularly in certain key sectors for Process Systems.

"We did, however, point out that our view on the macro-economic outlook remained conservative. As of today, market conditions in Europe are mixed, but much of Asia is exhibiting strong demand and the North American recovery continues.

"As we explained in May, there are a number of initiatives underway in our businesses - particularly Process Systems, Climate Controls and APV - which will detract from profitability during the first half. In APV, management action has been extended to a programme similar to that implemented in Process Systems, in order to address issues which are impacting performance. However, we are encouraged by the progress made thus far by most of our businesses toward delivering an improving year-on-year trend in the second half.

"Since May, we have further reduced the levels of our net debt and other legacy liabilities.

"As stated at the time, the greater stability afforded by our refinancing is enabling us to take those actions necessary to drive growth, profitability and cash generation from our retained businesses over the long term."

For more information please contact:

Invensys
Victoria Scarth / Mike Davies
+ 44 (0) 20 7821 3755

Brunswick
Nick Claydon / Mike Smith
+44 (0) 20 7404 5959

About Invensys plc
Invensys is a global automation, controls and process solutions Group. Our products, services, expertise and ongoing support enable intelligent systems to monitor and control processes in many different environments. The businesses within Invensys help customers in a variety of industries - including hydrocarbons, chemicals, oil and gas, power and utilities, rail, telecommunications, paper, food and beverage, dairy, pharmaceuticals and personal care - to perform with greater efficiency, safety and cost-effectiveness.
Process Systems provides products, services and solutions for the automation and optimisation of plant operation in the process industries. Eurotherm is a leading supplier of control and measurement instrumentation solutions and services to industrial and process customers. APV specialises in process equipment engineered into systems and asset services for food, beverage, personal care, pharmaceutical and chemical clients. Rail Systems is a multinational leader in the design, manufacture, supply, installation, commissioning and maintenance of safety-related rail signalling and control systems. Climate Controls is a major provider of the components, systems and services used across the world to make commercial and residential environments safer, more comfortable and more efficient. Appliance Controls has the broadest system and component offering for the appliance industry worldwide.
The Invensys Group is headquartered in the UK and listed on the London Stock Exchange. With over 35,000 employees operating in 60 countries, Invensys helps customers to improve their performance and profitability, building value for end users and shareholders alike.
For more information, visit www.invensys.com.