Engineer IMI PLC (LON:IMI) has reported slightly better trading in its latest three months but sales are still barely moving forward.
Organic revenues for the three months were 2% higher with 3% growth overall including currencies and recent US acquisition Bimba.
“We continue to expect organic revenues in the first half of 2018 to be higher than the first half of 2017, with a modest improvement in margins,” said the FTSE 250 group.
Cost-cutting and rationalisation has been the focus in recent years and the reorganisation had made a real difference across all parts of the group, IMI added.
“Our new product pipeline is developing 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.”
Results for the full year are expected to reflect normal trading seasonality, it added.