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Engineering firm Invensys will get a £95 million settlement from Bombardier following rescoping of work on the London Underground.

The payout comes after Metronet entered into administration. Shares in the company were up 12p, or 5%, in early trade to 237 pence.

The engineering group said London Underground Ltd (LUL) decided to rescope new signaling work. Invensys said it has not changed the growth outlook for its rail unit and that it is confident of the group's future progress.

Landsbanki analyst Andrew Carter, who has a 'buy' rating on the stock, said the changes to Metronet's London Underground modernisation project are broadly positive.