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INVENSYS UPDATE ON CURRENT TRADING AT AGM
24 July 2002 - Invensys plc
| Invensys plc today gave an update on current trading at its Annual General Meeting. Addressing shareholders at the Meeting, Chairman Lord Marshall said,
'In our preliminary results at the end of May, we highlighted early signs of recovery in orders from the automation and controls sectors, particularly in the US. This was balanced by continuing weakness in global technology markets, indicating that economic recovery remained fragile.' |
Invensys plc today gave an update on current trading at its Annual General Meeting. Addressing shareholders at the Meeting, Chairman Lord Marshall said,
'In our preliminary results at the end of May, we highlighted early signs of recovery in orders from the automation and controls sectors, particularly in the US. This was balanced by continuing weakness in global technology markets, indicating that economic recovery remained fragile.' 'In overall terms, we have seen no change in the trading environment since our statement at the end of May. As we said at the time, US commercial construction is affected by over-capacity and IT services are weak. However, some of our consumer-driven businesses demonstrate continuing improvement and certain of our Industrial Businesses - together with Rail Systems and parts of Power Components - are seeing signs of greater activity.' 'Assuming these conditions continue, we expect trading in the first half to be around the levels of the previous six months, in line with market expectations. 'At the same time, our programme of investment in new capabilities and processes is well underway and we expect benefits to begin to emerge in the second half.' In proposing the resolution to the Meeting for the re-election to the Board of Kathleen O'Donovan, Lord Marshall said, 'You will remember that in my remarks last year, I referred to Kathleen having expressed her wish to stand down once post-merger work was complete, and expressed our pleasure that she had agreed to stay on and work with Rick. Your Board and Executive Management are focused on ensuring continuity of the excellent job she is doing for us. Therefore in proposing this resolution, I want you to know that we are planning for this by seeking to recruit a Senior Vice President Finance. As and when this is achieved and after a reasonable period of working with Kathleen, the intention is that this person would replace Kathleen as Finance Director.'
http://www.invensys.com
About: Invensys plc
Invensys is a global automation, controls and process solutions Group. We empower you to increase productivity, reduce waste, remove cost from your supply chain, boost profitability and demonstrate measurable improvement in your company's overall performance.
As a global leader in resource productivity, Invensys offers products and services, expertise, and technologies that enable you to maximize return on investments, conserve resources and optimize performance across your value chain.Operating in more than 60 countries worldwide, Invensys meets the needs of the process and batch industries - from oil & gas, powerand utilities, chemicals, and rail systems to food & beverage, healthcare, and data communications - as well as the discrete and hybrid manufacturing sectors, and provides components, systems and services to the heating management, commercial refrigeration, residential safety and automotive industries, and electronic and electro-mechanical systems and components to appliance and related industries. Not only do we help improve your bottom line, by enabling you to manage your assets more efficiently, but we also help you to protect the environment. As the result of our efforts, we have been awarded the prestigious Energy Star Label by the United States Environmental Protection Agency (EPA). Taking an integrated strategic approach to increasing your productivity, we enable you to increase output from your existing plants and technology investments, provide you with solutions that create more efficiencies in your supply chain, and increase performance at every level. From the production line to executive offices, from customer relationship and procurement management to distribution logistics, we can help you improve productivity, optimize performance, and increase profitability. |
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