Automation technology vendor Invensys saw revenue decline 2% and orders slide 12% in its recently closed fiscal year, but the executive team chose to focus this week on an 11% increase in the company’s order book as a sign of things to come.
For the fiscal year, ended March 31, 2010, the 2% dip in sales produced revenue of £2.24 billion. Invensys’ operating profit for the year was £248 million, up slightly from the prior year’s £244 million.
Year-over-year, order intake was down 12% to £2.47 billion, but orders on the books increased — particularly in the second half of the year — up 11% year-over-year, with 40% of the total coming from emerging markets, officials said.
Despite the recession, the company continued to invest in research and development and restructuring aimed at new markets. In addition, Invensys recently acquired Skelta Software, now part of the Invensys Operations Management unit. Invensys said it will increase its corporate spending by £8 million to finance its next phase of development, which will include more bolt-on acquisitions and development of business in emerging markets of Asia Pacific and Latin America, the company said.