StockMarketWire.com - IMI said it continued to expect to meet market expectations despite ongoing expectations for weaker growth in the first half of the year after posting a slip in first-quarter revenues amid mixed trading conditions.

For the three months to the end of March, organic revenues which exclude the impact of acquisitions and exchange rate movements, fell 2% when compared to the same period last year.

On an adjusted basis, revenues were 1% higher, reflecting a 'modest exchange rate tailwind and the benefit of the Bimba acquisition,' it added.

Hydronic Engineering revenues in the three months to the end of March were 8% higher on an organic basis and 7% higher on an adjusted basis, when compared to the prior year when sales had fallen.

Critical Engineering organic revenues in the three months to the end of March were 12% lower, and on an adjusted basis were 11% lower, than the same period last year.

Looking ahead to the first half, the company said 'we still expect organic revenues to be lower than the same period in 2018 due to the phasing of Critical Engineering's order book and slowing market demand in the Industrial Automation sector in Precision Engineering.'

'Margins are expected to be broadly similar supported by our operational initiatives and an improved performance from Hydronic Engineering.'

Still, the company said results for the full year were expected to be in line with current market expectations.


At 9:04am: [LON:IMI] IMI PLC share price was -35.4p at 978.6p



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