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IMI on track but sees increased volatility

Nine months revenues are 5% higher than a year ago, said the FTSE 250 engineer
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Revenues are still improving

IMI PLC (LON:IMI) is still on an upward trend but trading is becoming more volatile, the engineer cautioned.

Nine months revenues are 5% higher than a year ago but foreign exchange movements and the acquisition of US firm Bimba meant third-quarter growth dropped to 3%.

Restructuring benefits will help IMI to meet current market expectations with organic revenue and profits also better than the second half of 2017.

“The improved results will be supported by market growth in Precision Engineering, rationalisation benefits in Critical Engineering and an improved profit performance from Hydronic Engineering.”

Shares eased 2% to 976p.

 

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November 08 2018

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