IMI Q1 revenues rise 4%; FY guidance held

IMI

1,877.00p

16:40 17/05/24

-0.27%

-5.00p

Specialist engineering firm IMI on Thursday said trading remained in line with expectations as first-quarter revenue rose 4% year on year.

FTSE 100

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16:44 17/05/24

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FTSE 350

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Industrial Engineering

14,280.86

16:49 17/05/24

-1.38%

-200.23

Adjusted revenue was flat, reflecting the foreign currency movements seen in the first quarter, the company added in a trading update.

"Our restructuring programme remains on track to deliver £15m of incremental benefits for the full year and £7m in 2025, with no changes to expected delivery costs," said chief executive Roy Twite.

Based on current market conditions, our guidance for 2024 full year adjusted EPS is unchanged at 120p to 126p.

Reporting by Frank Prenesti for Sharecast.com