IMI puts transport division under the microscope
Specialist engineering firm IMI has launched a strategic review of its transport division to assess the division’s ability to meet medium-term financial targets.
The transport division, which accounted for 8% of group revenue in 2024, saw a 16% year-on-year revenue decline, largely expected after a strong comparative period.
The update comes as the company reports results for the first quarter, covering the period from 1 January to 31 March 2025.
IMI reconfirmed its full-year guidance for 2025, despite a modest 3% drop in organic revenue in Q1.
Group margins improved, and strong demand in areas such as process automation aftermarket and climate control helped offset softer performance in industrial automation and transport.
Roy Twite, chief executive said: “At IMI we have an extremely disciplined approach to capital allocation and are committed to the delivery of our financial framework. As such, we are announcing the strategic review of our transport sector to assess its ability to deliver our medium-term financial targets.
“The growth strategy launched in 2019 has fundamentally transformed IMI and created significant value for shareholders. Although the current external environment is evolving quickly, we are confident in the future and well-positioned to support our customers, remaining alert for opportunities to unlock further growth.”
Other highlights included a 19% rise in process automation aftermarket orders and steady growth in energy-efficient climate control products.
A £200m share buyback remains underway, building on the £650m already returned to shareholders since 2019.
IMI will publish its interim results for the first half of the year on 1 August 2025.
