Engineering and software group Invensys reiterated that the completion of its rail disposal to Siemens should happen in the second quarter of 2013, as it continues to wait for the all-clear by regulators.
However, trading in the group's other divisions has faced mixed conditions, including delays in the timing of projects.
Back in November, the group's share price soared after it announced that Invensys Rail would be sold to Siemens for £1.74bn. The stock is now trading over 50% higher than it was three months ago.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
While the disposal has been approved by shareholders and the UK Pensions Regulator, the firm said on Thursday that it still remains conditional "upon all waiting periods and approvals required pursuant to applicable anti-trust laws in the EU, US, Turkey and Brazil having expired or been obtained."
Trading mixed in third quarterThe news comes as part of a third-quarter trading statement, which said that the group's performance is broadly similar to the first half. "Subject to any significant changes to the global macro-economic environment, we continue to believe that we will improve our performance for the year as a whole," the company said.
Order intake in Invensys Operations Management was flat on last year, the group said, as it was able to shrug off further delays in the timing of large greenfield project awards and softness in equipment orders in Europe and North America. However, profits were held back due to sales mix, though this is expected to improve in the fourth quarter.
Invensys Controls faced "generally weak market conditions" across the board and some delays in new product launches. Revenues have fallen year-on-year but profits rose.
Meanwhile, both revenues and profits at Invensys Rail have improved year-on-year.
-
Private school fees soar and VAT threat looms – what does it mean for you?Rising private school fees could see more than one in five parents pull their children out of their current school. Before you remortgage, move house or look to grandparents for help, here’s what you need to know.
-
Best and worst UK banks for online banking revealedWhen it comes to keeping your money safe, not all banks are equal. We reveal the best and worst banks for online banking when it comes to protecting your money from scams
