Ivensys on course to meet hopes

Shares in British engineer Invensys jumped ahead today after the group stuck by hopes for its financial year and said four of its divisions were performing well.

Shares in British engineer Invensys jumped ahead today after the group stuck by hopes for its financial year and said four of its divisions were performing well.

The former FTSE 100 Index company, which supplies controls and process solutions to customers including Shell and BP, said trading figures for the three months to December 31 were likely to be in line with market expectations.

Short-term operational issues affected the controls business but Invensys said its other four business groupings offset this with better performances.

Shares rose almost 6% – up 1p at 18p – as Invensys said its expectations for the year to the end of March remained unchanged.

The update came as Invensys announced plans to buy back outstanding bonds with a value of more than £80m (€115m).

Invensys has gone through a debt restructuring and disposal process that has left it with businesses including process systems, Eurotherm, APV, Rail Systems, climate controls and appliance controls.

It supplies equipment and computer software to the oil and gas, power and utilities, chemicals, rail, food and drinks, healthcare and data communications industries among others.

Other customers include Bayer, China Light and Power, EDF Energy, Kraft, Danone, Arla Foods, SABMiller, Schering-Plough, Pilkington Glass, Corus, Network Rail and Bombardier.

The group employs 39,000 people in 60 countries including the UK, where sites include Birmingham, Bognor Regis, Chippenham, Crawley, Croydon, Glasgow, Magherafelt in Northern Ireland, Plymouth and Stockport.

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