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UPDATE 1-Strong rail showing to boost Invensys for the year
January 24, 2013 / 7:31 AM / 5 years ago

UPDATE 1-Strong rail showing to boost Invensys for the year

LONDON, Jan 24 (Reuters) - British engineering group Invensys said it expected to post an improved performance this year after solid trading from its industrial automation unit and an improved showing in the rail division helped the third quarter.

The firm, which makes control systems for nuclear power stations, industry, railways and domestic appliances, said its overall performance in the third quarter had continued in line with the first half.

“Subject to any significant changes to the global macro-economic environment, we continue to believe that we will improve our performance for the year as a whole,” it said.

Invensys, which has announed plans to sell its rail business to Germany’s Siemens for 1.74 billion pounds ($2.76 billion), said that unit had improved revenues due to the mobilisation of several large contracts won last year. Operating profits for the division was also ahead of last year.

It said it expected completion of the rail disposal to take place in the calender second quarter this year.

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