Small revenue climb at engineering group IMI
BIRMINGHAM-based engineering group IMI has seen a small spike in revenues compared to last year, it reports today.
In an interim management statement for the period July 1 to November 9, 2011, the plc said revenues for the 10 months to the end of October were around 6% ahead of last year which reflected the stronger comparatives in the second half of 2010.
Based on current trading patterns, it said it expected adjusted earnings per share for the full year to be in line with current market expectations.
Its ‘Severe Service’ business shipments had continued to improve in the second half, it said, with revenues on an organic basis 4% higher in the four months to the end of October and now 1% higher year to date.
Zimmermann and Jansen, which IMI acquired 12 months ago, was performing well with order intake and shipments expected to show good growth for the full year.
Its indoor climate division has seen revenues climb by 2% for the 10 months to the end of October.
The firm said it had seen a slower start to the traditional heating season due to the warm autumn.
The statement added: “The group continues to be highly cash generative with cash conversion expected to be around 90% for the year.
“Year end net debt will, after allowing for the acquisition of TH Jansen Armaturen, show a significant reduction on the half year position.”
Its preliminary results for the year ending December 31, 2011, will be published in March.
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