Process Automation growth drives 'excellent' third quarter at IMI

IMI PLC on Thursday reiterated full-year guidance and said it was on track to deliver a fourth consecutive year of mid-single digit organic revenue growth.

In a trading update, the Birmingham based engineering firm said organic revenue was 12% higher in the third quarter than the same period last year, with group sales now 5% higher year to date.

Statutory revenue in the quarter was 11% higher than last year, reflecting the foreign currency movements seen in the period.

Chief Executive Roy Twite said IMI delivered an ‘excellent’ performance in the quarter.

‘We delivered an outstanding performance in the Process Automation sector, supported by rising global energy demand and our focus on high-margin aftermarket orders, which are now up 7% organically year to date. The Climate Control, Industrial Automation and Life Science & Fluid Control market sectors all performed well,’ he noted.

Automation, 64% of 2024 sales, saw organic revenue rise 17% in the third quarter and is 8% higher year to date, while Life Technology, 36% of 2024 sales, reported organic revenue up 4% in the third quarter and 1% higher year to date.

IMI reconfirmed full year guidance.

‘We are on track to deliver our fourth consecutive year of mid-single digit organic revenue growth in 2025. We continue to expect that full year adjusted basic earnings per share will be between 129 pence and 136p,’ the firm said.

In 2024, IMI reported revenue of £2.21 billion and adjusted basic EPS of 122.5p.

In addition, Twite said IMI’s ‘strong balance sheet and cash generation’ gives ‘flexibility to invest in organic growth, pursue bolt-on acquisitions, and return capital to shareholders.’

Shares in IMI were up 6.2% at 2,552.00 pence each in London on Thursday morning, the best performer on the FTSE 100.

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