Engineering group has its head up despite headwinds

Engineering group IMI had a better-than-expected first half of the year and is upbeat about maintaining momentum despite the challenges of “specific market headwinds”.

The Birmingham-based business increased revenues by 11%, to £846m, in the six months to June. Pre-tax profits rose slightly faster – up 13% to £98m.

The performance means that IMI is now forecasting its full-year figures will be “modestly above” current market expectations.

IMI’s chief executive Mark Selway said: “The improved trading environment experienced in some of our most important markets in the first quarter has continued for the first half of the year.

“Most encouragingly, progress with our ongoing operational improvements and strategic self-help initiatives has maintained an impressive pace and our market positions continue to improve.

“Our focus remains resolute on building both competitive advantage and shareholder value by delivering great products and continuously improving our customer offering.”