Invensys Reports Year-End Financial Results

Invensys plc (London) reported preliminary results for the 12 months ending March 31, 2000. The group's operating results reflect the significant benefits of the restructuring and integration following the mergers, together with ongoing cost control.Sales in automation and controls were up seven percent to GBP6,920 million and operating profits before exceptional items and goodwill amortization were up 11 percent to GBP1,097 million, including acquisitions. Sales in the disposal group were GBP430 million with operating profit before exceptional items of GBP10 million.Net incremental merger integration savings were reported at GBP90 million for the full year and a free cash flow improvement of over GBP200 million was reported from last year."The organic growth opportunity for Invensys is very real as we reposition to focus on software, networks, electronics and complete automation solutions," said Allen Yurko, chief executive of Invensys. "To complement this underlying growth we are pursuing strategic acquisitions to further build our global market share. Add to this our technical leadership in many areas and targets for our operating companies, and I am confident that we shall continue to grow sales, profits and earnings per share in the current year."Business software firm Baan N.V. (Amsterdam) is currently under takeover bid from Invensys. This acquisition positions Invensys as a global leader in industrial software solutions."This acquisition is a significant step towards our stated goal of becoming an integrated software and systems provider," said Yurko.