- IMI reported a slight fall in half-year profits as industrial automation weakness continued to hurt performance in its precision engineering division and revenue slipped in its critical engineering division.

For the six months ended 30 June, adjusted profit before tax fell 3% to £110m as revenue slipped 1% to £910m.

Results for the first half of the year were in-line with expectations as continued weakness in precision engineering's Industrial Automation markets, together with the expected revenue decline in critical engineering weighed on overall revenues, the company said.

In the second half of 2019, we 'continue to expect that organic revenue will experience a decline similar to that in the first half, when compared with the same period in 2018, the company said, with profits expected to be similar to last year.

'Based on current market conditions, we anticipate full year 2019 results will be in-line with expectations,' it added.

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