IMI lifts full-year EPS guidance after strong Q1

IMI lifted its full-year earnings per share guidance on Thursday following a "strong" performance in the first quarter.

In an update for the quarter from 1 January to the end of March, the company said it now expects earnings per share of between 112p and 117p.

First-quarter organic revenue was up 8% on the same period a year earlier, and 16% on an adjusted basis, with strong organic growth and margin improvements in all three divisions.

IMI Precision organic revenue grew 4% in Q1 and 12% on an adjusted basis, while Industrial Automation delivered organic revenues 3% higher than the same period last year. Life Sciences saw 2% organic growth and Transportation was up 10% on an organic basis.

IMI said integration of its recent acquisitions is progressing well, "unlocking new opportunities for growth and delivering synergies in line with our business cases".

The group also said that its restructuring programmes remain on track to deliver £20m of benefits for the full year, and £13m of benefits in 2024 and £9m in 2025.

Chief executive Roy Twite said: "Following a strong first quarter performance including further momentum in the IMI Critical order intake and continued resilience in the lead indicators for IMI Precision, based on current market conditions, we are upgrading our EPS guidance for the full year to 112p to 117p.

"We remain confident in delivering our growth targets and the 20% operating margin target, through the cycle over time."