The process automation specialist announces that it will combine all automation units into one in a grab for integration hardware and software sales.
British automation group Invensys staved off the worst of the recession, as revenue for the year ended March 31 rose 8% to £2.3 billion and orders jumped 38% to £2.8 billion, even as net profit plunged 60% to £133 million. The company also announced that it will regroup its three automation divisions — Invensys Process Systems, Wonderware, and Eurotherm — into one new group called Invensys Operations Management.
Many of the top-line gains came from Invensys Rail as well as the units that now form the Invensys Operations Management division, with the oil and gas business driving them.
Word leaked in February that CEO Ulf Henriksson was considering combining the automation units in order to help customers integrate operations across various functions, including shop floor, ERP, sales and marketing, and supply chain. The announcement of Invensys Operations Management makes the move official.
“Relative to the market, there is strength in demand for our projects and solutions within our newly formed Invensys Operations Management division, and Invensys Rail has been successful in both its core and export markets,” Henriksson said in a statement. “This gives us confidence that both will continue to perform well during the current financial year. Invensys Controls faces continued weakness in its markets and we continue to manage it for positive cash flow.”
Free cash flow increased nearly fivefold year over year to £296 million, and operating cash flow spiked 16% to £298 million. The company said it is debt-free, with £309 million of net cash and deposits.
