Shares in Invensys were down on the FTSE 100 in afternoon trading after the technology company issued an unremarkable statement on its trading for the third quarter period ended 31 December 2010.

Third quarter trading was "in line with management expectations", with operating profit broadly flat from the previous year. In the full year Invensys said it expected to see an "improved performance" from the previous year.

The group said its Operations Management arm had seen good revenue and order intake growth in the third quarter but that lower than average margins on a number of projects had kept operating profit flat on the previous year.

In its Rail division orders fell, but revenue growth combined with improving margins led to an increase in operating profit at the business, Invensys said.

The group's Controls division saw revenue and operating profit decline thanks to "softening demand" particularly in North American markets.

At the end of 2010 net cash was reported as being £257 million, down from £336 million at the end of the previous quarter.

By 13:10 shares in Invensys were down 6.27 per cent on the FTSE 100 to 335.00 pence per share.