- Engineering company IMI said Thursday it expected full-year performance would be in-line expectations on improved second-half organic revenues.

'We expect full year 2018 results to be in-line with current market expectations,' IMI said.

Revenues for the third quarter were, on an adjusted basis, 7% higher than 2017 and, after adjusting for the impact of foreign exchange movements and the acquisition of Bimba, were 3% higher on an organic basis, the company said.

Revenues and profits in the second half of the year were expected to improve supported by growth supported by market growth in Precision Engineering, rationalisation benefits in Critical Engineering and an improved profit performance from Hydronic Engineering, the company added. In the three months to the end of September, order intake at IMI's Critical Engineering division was 40% higher with significant new projects booked in petrochemical. While aftermarket orders were 19% higher than the comparable period in 2017.

Precision Engineering revenues in the three months to the end of September were 15% higher compared to the same period last year. While Hydronic Engineering organic revenues were 2% lower.

At 10:57am: [LON:IMI] IMI PLC share price was -3.75p at 991.25p

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