Process automation provider Invensys plc had favorable currency fluctuations to thank for a 17% increase in order intake in its first quarter, the company revealed late last week.

In a terse interim management statement issued Friday, Invensys said that without the currency effects, orders for the period ended June 30, 2009 were flat against the prior year’s first quarter.

The solid first quarter continues the momentum that the London-based company displayed at the close of the previous fiscal year, when it recorded a full-year increase in orders of 38%.

“Based upon our current views of our markets and exchange rates, we continue to expect that the group will achieve an improvement in performance in the current year,” read the most recent statement.

The first quarter marked the early days of Invensys’ newly consolidated Operations Management division, which houses the company’s Process Systems, Wonderware, and Eurotherm units. The integration of those industrial automation divisions under the leadership of Sudipta Bhattacharya is “proceeding well,” Invensys said.

“The pipeline of order prospects in projects and solutions remains strong though we are continuing to experience reduced volumes in the short-cycle products business, which will have an impact upon first-half performance,” the statement said. “However, we expect the second half to benefit from our large order pipeline, the IOM integration, and the increasing effects of cost-reduction initiatives.”

In North America, the group’s Controls unit has seen more stable demand, while its European performance has slipped, the company revealed.

Invensys ended the first quarter with net cash and deposits of £277 million, £32 million less than the coffers held at the start of the period.

The board of directors emerged with a new complexion last week, as Chairman Martin Jay and Non-executive Director Jean-Claude Guez retired; Sir Nigel Rudd became chairman and Martin Read and Francesco Caio became non-executive directors.