Company
LON:IMI
IMI PLC, the specialist engineering company, designs, manufactures and services highly engineered products that control the precise movement of fluids. Its innovative technologies, built around valves and actuators, enable vital processes to operate safely, cleanly, efficiently and cost effectively.
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The engineering group said it now estimates the one-off full year benefit from the jump in ventilator demand will now be £85mln compared to a previous estimate of £70mln
The engineering group said lower volumes across most of its businesses had been partly offset by a “temporary surge” in sales of ventilator components
If the global health crisis gets no worse, IMI anticipates that first half revenues will at least be lower than in the same period last year.
The target was upped to 1,200p from 1,160p as the FTSE 250-listed firm announced plans to improve margins
PBM enjoys strong distributor and representative relationships - particularly within its main US markets.
The Industrial Automation division was the only sickly child of the IMI family
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Fridays can sometimes be quiet affairs in the Square Mile, but there’s a handful of things for investors to feast on this week
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The week ahead includes updates from ITV, Unilever, Rightmove, Diageo, Marston's, IG Group, National Express, GSK and AstraZeneca
IMI still expects to hit full-year targets, although it has seen slowing demand in its Precision Engineering business in the early stages of 2019
Investments and investor services
In Europe, the German DAX tanked 206 points, while the French CAC 40 is down around 104
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Thursday's preview includes BT Group, Superdry, Morrisons, Barratt Developments, and RSA Insurance.
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The week ahead includes updates from BT Group, Superdry, Morrisons, ITV, IAG, Barratt Developments, Direct Line, RSA Insurance and Imperial Brands
"Choosing to leave IMI has been a tough decision, but the time is now right to hand over to a successor to continue the Group's development,” Mark Selway said
Footsie closed the day 32 points up, or 0.45% at 7,106
Nine months revenues are 5% higher than a year ago, said the FTSE 250 engineer
Investments and investor services
Sainsbury, Superdry and Burberry are among the names in the diary for Thursday.
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Aside from the US elections and Fed policy meeting, updates from UK blue-chip retailers J Sainsbury, Wm Morrison Supermarkets and Marks & Spencer should draw the most attention in the coming week
Hardware & electrical equipment
Analysts at the French investment bank think Spectris would be an “attractive takeout candidate”, given their belief that a buyer could come in and turn it around reasonably quickly
In its sector valuation, the broker said that its ECI had fallen from a peak above 1.2 to below 1.1, an indicator it said was “a key sector sell signal”
Analysts at the broker said that they saw “limited potential upside” from IMI's Precision Engineering arm, which accounts for 60% of the group’s earnings
