Half Yearly Report.
RESULTS FOR HALF YEAR ENDED 30 SEPTEMBER 2011
A solid start to the year despite the uncertain macroeconomic climate around the world
Business highlights
Invensys Operations Management has sustained momentum supported in particular by the oil and gas industries in emerging markets; revenue and operating profit were up over 20% at CER1
Invensys Rail received major orders from Network Rail in the UK and, since period end, we have received substantial awards from new markets, particularly the Middle East
Despite some resilience in the commercial and wholesale segments, Invensys Controls experienced a significant downturn due to a weak appliance market
Financial highlights - continuing operations
Order intake was 1,086 million (H1 10/11: 1,148 million), down 5% (4% at CER), with circa 600 million of further awards at Invensys Rail since period end
Revenue was 1,244 million (H1 10/11: 1,162 million), up 7% (8% at CER)
Operating profit2 was 102 million (H1 10/11: 100 million), up 2% (3% at CER), with a good performance from Invensys Operations Management offset by Invensys Controls
Underlying earnings per share3 decreased 7% to 6.9p (H1 10/11: 7.4p) due in part to increased restructuring costs
Operating cash outflow was 11 million (H1 10/11: 83 million inflow) mainly due to the cash profile of some major contracts and we expect a significant improvement in H2; net cash was 192 million
Interim dividend increased by 10% to 1.65p per share (H1 10/11: 1.50p per share)
The IAS 19 pension liability reduced by 140 million to 327 million (31 March 2011: 467 million)
Outlook
We continue to expect that on a constant currency basis we will achieve a year of further progress