Invensys makes "satisfactory" start to year
Invensys Plc said on Friday that it had made a "satisfactory start to the new financial year", with operating performance in the first quarter to 30 June in line with the company's expectations.
BAE posts rise in underlying profitThe technology and controls firm said it was confident of making further progress in the year.
The company said its Process Systems and Rail Group continued to benefit from their good long cycle markets and said that the pipeline of order prospects remained strong for both.
Invensys said its Rail Group had recently been awarded a £100 million signalling contract for the new Madrid to Valencia railway line by Spanish railway administrator ADIF.
Invensys said it was "effectively debt free" after paying the remainder of a £155 million Term Loan in May. The company also said earlier in the week that it had completed a new £400 million banking facility replacing that used during its 2006 Refinancing.
In a statement the company said, "Controls results in the quarter reinforce our belief that, despite difficult market conditions particularly in North America, we can maintain its operating profit and cash flow performance for the year."
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