Overall profits were down but there were good results for power systems and controls in the first full annual set of results for Invensys since the company was formed in last year’s merger between Siebe and BTR.
Pre-tax profits fell from £295m to £66m in the year to the end of March, showing the impact of divestments and exceptional charges. Sales in ongoing operations rose 7% to £6.9bn, but total sales fell 4% to £9bn.
The power systems division showed the strongest results, with profits rising 58% to £198m on increasing demand for reliable power sources from the information technology and telecommunications sectors. Strong demand for residential and commercial building automation products pushed profits in the controls division up by 9.3% to £435m.
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