Business Services Industry
Stock of British Industrial-Controls Maker Invensys Falls as Profits Slump.
Knight Ridder/Tribune Business News, November, 2002
By Richard Inder, Daily Mail, London Knight Ridder/Tribune Business News
Nov. 15--Struggling engineer Invensys lost a quarter of its value after warning that gains from its yearlong reorganisation are failing to offset the worldwide slump in demand.
First-half pretax profits narrowed from UKpound 64 million to UKpound 58 million u well short of City hopes. This, combined with fears of asbestos litigation, sent the shares crashing to 40 1/2 pence before rallying to close down 15 1/4 pence at 47 1/2 pence. More than UKpound 550 million was wiped from its market value.
Chief executive Rick Haythornthwaite has been selling businesses to focus on production and energy management equipment. He has raised UKpound 1.6 billion from disposals...
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