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Trading statements

IMI sees progress with strategic initiatives

10 November 2016 09:06

Specialist engineering group IMI says progress with its strategic initiatives continues and expectations for the year remain consistent with market estimates.

Based on current exchange rates, IMI says full year sales and profits are likely to reflect a gain from foreign currency translation of about 12%.

An interim management statement says: "During the third quarter economic and market conditions have continued to be challenging. Organic revenues were 8% lower than the same period last year and, reflecting the benefit from foreign exchange movements, were comparable on a reported basis.

"As previously indicated, organic revenues and margins in the second half are expected to improve when compared with the first half of 2016 but will be lower than last year. Adjusted constant currency earnings per share for the full year remain in-line with the expectations outlined at the Group's 2016 interim results presentation."

At 9:06am: (LON:IMI) IMI PLC share price was +23p at 992p

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