Shares in technology group Invensys whose clients include Whirlpool were down over two per cent on the FTSE 100 despite a reported rise in profit of two per cent in the full year ended 31 March.

Although group revenue was reported as falling two per cent to £2.2 billion, operating profit still increased two per cent to £248 million.

The group said its order book had increased 11 per cent to £2.3 billion, while order intake fell 12 per cent to £2.48 billion.

Operating cash flow at the company fell from £298 million to £265 million. The group said it would be recommending a final dividend of 2.0 pence per share, up from 1.5 pence per share in the previous year.

Net cash at the company is £363 million, with no debt.

Ulf Henriksson, Chief Executive of Invensys plc, commented, "The past year, during which we have experienced the worst global economic climate in decades, has been one of considerable achievement for Invensys. This was realised through a combination of preparedness for the recession and agility in responding to it.

"Throughout the recession, we increased our investment in research and development and continued to invest in restructuring so as to reposition the business for growth and to be even stronger as the economy recovers. I am particularly pleased that, for the past two years, our order book has grown by 78% because of success in winning large orders, especially in emerging markets. This illustrates customer confidence in our technology and in our abilities to deliver value."

He added, "Looking forward, we are positive about the outlook based upon our large order book and our current view of economic conditions. We expect the Group to continue to deliver improved performance in thecurrent year, with the phasing of profit similar to last year."

Jeremy Batstone-Carr, analyst for Charles Stanley does not recommend the shares:

"We believe that the shares' rating is full and that investors should be looking to Reduce exposure into any ensuing share price strength." he said.

Shares in Invensys were down 2.34 per cent to 279.60 per cent.