IMI says current trading in line with consensus expectations

Specialist engineering company IMI said current trading was consistent with market consensus expectations for the year after first quarter revenues rose 18%, reflecting favourable currency tailwinds.

IMI said it now expected organic revenues in the first half of 2017 to reflect a smaller reduction than previously indicated against the previous year with full year results expected to show a second half bias.

It added that full year profits and revenues would receive a 7% boost from the weak pound.

“Our strategic plan to drive sustainable long-term growth continues to make a real difference across all parts of the group,” the company said in a statement.

“Our new product pipeline continues to develop well, the operational performance of our manufacturing facilities has further improved and the new systems and processes we are putting in place are enabling us to do business more efficiently.”

“The reorganisation activities across all three divisions are progressing well and according to plan.”