Invensys announces 2007/08 First Quarter results for the three months ended 30 June 2007
Posted 02 August 20072007/08 FIRST QUARTER RESULTS
FOR THE THREE MONTHS ENDED 30 JUNE 2007
To read the press release in full, and for other information and resources, please click here to be taken to the Results Day Centre.
Highlights
• Revenue from continuing operations1 was up 9% at constant exchange
rates (CER) at £621 million (Q1 2006/07: £598 million)
• Operating profit2 from continuing operations was up 28% at CER at £55
million (Q1 2006/07: £45 million)
• Operating margin2 of continuing operations increased to 8.9% (Q1 2006/07:
7.5%)
• Basic earnings per share from continuing operations were 3.4 pence (Q1
2006/07: 6.4 pence loss per share)
• Operating cash flow from continuing operations was down 48% at CER at
£17 million (Q1 2006/07: £34 million)
• Net profit was £28 million (Q1 2006/07: £34 million loss
- after charging costs of £55 million relating to the 2006 Refinancing)
• Free cash flow was £9 million (Q1 2006/07: £22 million)
• Net debt was £167 million (31 March 2007: £166 million)
Ulf Henriksson, Chief Executive Officer of Invensys plc, commented:
“I am pleased to report another solid performance in the first quarter, with operating profit from continuing operations of £55 million and operating margin improving to 8.9%. Our long term contracting businesses, Process Systems, Rail Group and APV, continued to make progress overall. Controls produced another satisfactory quarterly result in an uncertain market and Eurotherm’s restructuring programme continues. We are now positioning the Group for further growth by increasing investment in sales and marketing and research and development, in particular within Process Systems and Rail Group.
“Following this solid first quarter performance, the Board remains confident that the Group will make further progress in the current financial year.”
Contact:
| Invensys plc | Steve Devany | tel: +44 (0) 20 7821 3758 |
| Kate Elliott | tel: +44 (0) 20 7821 2121 |
| Financial Dynamics | Andrew Lorenz | |
| Richard Mountain | tel: +44 (0) 20 7269 7121 |
Notes
1. Continuing operations are Process Systems, Eurotherm, APV, Rail Group and Controls. Discontinued operations comprise Invensys Building Systems in the US and Asia Pacific (IBS) in 2006/07.
2. All references to operating profit (OPBIT) and operating margin in this announcement are before exceptional items.
Conference call
1. Ulf Henriksson, CEO, and Steve Hare, CFO, will be hosting a conference call for analysts and fund managers at 8.00 a.m. this morning:
UK: +44 (0) 20 7138 0820
US: +1 718 354 1361
No passcode is required
2. The presentation will be audio webcast live with slides, which can be accessed by following the link at the following address:
A recording will be available at this address shortly after the completion of the call.
3. This announcement and the presentation materials for the conference call are also available at:
Safe harbor
This announcement contains certain statements that are forward-looking. These statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. Forward-looking statements are not guarantees of future performance. The Group's actual results of operations, financial condition and liquidity, and the development of the industries in which the Group operates, may differ materially from those made in or suggested by these statements and a number of factors could cause the results and developments to differ materially from those expressed or implied by these forward-looking statements.