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Interim Results

IMI first half slightly ahead of forecasts

28 July 2017 07:57

IMI's reported pre-tax profits rose by 13% to £98m in the six months to the end of June.

Revenues and operating profits were both up 11% at £846m and £106m respectively.

The group said the results were slightly ahead of expectations and it had seen further good progress against its 5-year strategic plan.

It also said its reorganisation plans were proceeding to time and budget.

On a statutory basis, operating profits were up 18% at £94m and pre-tax profits were 26% higher at £89m.

Chief executive Mark Selway said: "The improved trading environment experienced in some of our most important markets in the first quarter has continued for the first half of the year.

"Most encouragingly, progress with our ongoing operational improvements and strategic self-help initiatives has maintained an impressive pace and our market positions continue to improve.

"Our focus remains resolute on building both competitive advantage and shareholder value by delivering great products and continuously improving our customer offering."

""While we continue to face some specific market headwinds in the remainder of 2017, particularly in Critical Engineering, full year results will reflect our normal second half bias and the benefits from ongoing reorganisation activities.

"In the remainder of the year, organic revenue is still expected to be below last year, principally driven by order phasing in Critical Engineering. However, second half margins will show a modest improvement compared with the same period in 2016, supported by both rationalisation savings and improved market conditions in Precision Engineering.

"Based on current market conditions, we expect full year 2017 results will be modestly above current market expectations."

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