IMI ups guidance but warns of currency headwinds

Specialist engineering firm IMI said Thursday lifted earnings guidance after a better-than-expected third-quarter performance, but warned of exchange rate headwinds for the full year.

The company on Thursday said revenue for the three months to September 30 rose 6% to £453m. Sales and operating profits for the period were higher on an organic basis than last year and pre-pandemic 2019.

IMI said revenue and profit in the full year would be adversely affected by 4% to 5% if exchange rates in early November continued for the rest of the year.

Adjusted earnings per share were now expected to be 88p – 92p.