Invensys set to invest rail cash

Marion Dakers
INVENSYS yesterday said it will focus on beefing up its remaining businesses following the £1.7bn sale of its rail operations.

The firm confirmed that it will hand back £625m to shareholders now the disposal is completed, and will pay £400m into its pension scheme.

Invensys said that there is scope for bolt-on acquisitions as it invests in its software, appliances, automation and energy controls units.

The company reported a two per cent rise in annual revenues to £1.79bn and operating profit up 41 per cent to £131m. One-off costs meant pre-tax profits fell from £47m to £15m.