Disposals and the weak US dollar contributed to a fall in operating profit and deepening bottom-line losses at high-tech engineering group Invensys.
The former Birminghambased metal-basher BTR, now a specialist in automation and controls, said yesterday that under UK accountancy protocols its loss for the year to March 31 worsened to £ 473 million from £328 million the previous year.
Operating profit from its retained businesses fell by 12 per cent to £169 million from £193 million while the operating margin shrank to 6.7 per cent to 7.1 per cent.
Sales for retained businesses came in at £2.5 billion against £2.7 billion the year before.
Translating the accounts under the IFRS rules has a £9 million positive effect on the operating profit and improves the net result by £378 million, Invensys said.
The group also named chief operating officer Ulf Henriksson as chief executive to succeed Rick Haythornthwaite.
Mr Haythornthwaite said the group had generated higher free cash flow of £38 million before pension costs and other liabilities.
Meanwhile, engineering group Tomkins, a former Walsall buckle maker, posted slightly lower first quarter profits, impacted by lower North American automotive production volumes.
The company recorded profits from continuing operations of £39.8 million under new IFRS accounting compared to £40 million a year earlier.