Invensys buoyed by emerging markets after China setbacks
BRITISH engineer Invensys said yesterday it was seeing strong demand from emerging markets, as it sought to draw a line under £60m extra costs unearthed in Chinese nuclear power contracts in January.
Chief executive Wayne Edmunds said yesterday no further cost issue had come to light, adding: “We have the (new) leadership team in place and I take comfort from that.”
Invensys, which makes control systems for nuclear power stations, industry, railways and domestic appliances, said adjusted operating profit in the year to March fell 20 per cent to £209m, because of higher costs in its nuclear and rail operations. The outcome met forecasts. Revenue rose two per cent to £2.54bn.
Edmunds said its operations management unit (IOM), which provides control systems for oil refineries and power plants, saw good demand, particularly in software, where underlying orders rose 20 per cent. The company was also prepared for any economic disruption, for example in banking, from Europe, he said.
“We do have contingency plans if there are any short-term disruptions,” Edmunds added.