‘Cultural change’ driving profits rise at engineering giant

Birmingham engineering giant IMI has seen revenue and profit rise for the six months to June 30.

Turnover climbed by 5% to £907m, while profit before tax rose by 18% to £137m.

Roy Twite, chief executive, said: “We continue to make excellent progress with our strategy to increase customer intimacy, drive market-led innovation and reduce complexity. The Growth Hub and Sprint Teams are well embedded in each division and driving an important cultural change across the organisation as IMI focuses on growth.

“There are around 30 teams developing solutions to acute customer problems, with several already advancing into business scale-up phase. We remain on track to deliver our long-term ambition of sustainable profitable growth and group margins of 18% to 20%.”