‘Another year of progress’ at engineering giant

Engineering giant IMI has delivered results ahead of market expectations in another strong year for the group.

The Birmingham-based business increased revenues by 9% to £1.91bn, which pre-tax profits were up 18% to £213m in 2018.

IMI’s chairman Lord Smith of Kelvin described it as “another year of important progress”.

The group has also announced a new chief executive. Mark Selway is stepping down in May after five years with IMI to return home to Australia to retire, and will be replaced by Roy Twite, currently divisional managing director of IMI Critical Engineering.

Twite joined IMI in 1988 and has been a member of the board since 2007.

Chairman Lord Smith of Kelvin said: “Under Mark’s leadership IMI’s market position has been significantly enhanced.

“The Group’s infrastructure has been modernised, its operational performance radically improved and its customer offering refreshed. As a result, IMI is now a much more robust and sustainable business.”