IMI posts profit and sees more progress
Engineer IMI posted a 35 percent rise in first half profit on Thursday and said it expected further progress during the rest of the year, although it might continue to see some areas of weakness.
First Great Western to invest £29 mln in service improvementsBirmingham-based IMI, which makes drinks dispensing, air conditioning and other industrial equipment, said pretax profit in the six months to June 30 was 103.7 million pounds from 76.8 million previously.
Revenue rose 17 percent to 911 million pounds from 781 million and the group increased its interim dividend by 7 percent to 8 pence per share.
The group said it had a healthy order book and was confident of further revenue progression in the second half.
"We remain focused on margin improvement, with ongoing cost reduction initiatives expected to mitigate the impact of raw material and energy cost increases," IMI said in its results statement.
"We are alert to the possibility of a further deterioration in economic conditions, and whilst we may continue to experience some pockets of weakness, we anticipate another period of solid progress in the remainder of the year."
Shares in IMI closed at 467.25 pence on Wednesday, valuing the company at around 1.49 billion pounds.
(Reporting by Philip Waller; Editing by Mike Elliott)
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