StockMarketWire.com - IMI warned of weaker revenue this year amid weakness in factory automation and commercial vehicle sectors after the engineering company reported better-than-expected performance amid flat annual profit.

For 2019, pre-tax profit was flat at £251m on-year and revenue fell 2% to £1.87bn.

'2019 was a year of significant change and progress at IMI. We delivered results ahead of market expectations whilst simultaneously formulating and launching a new strategy for the Group led by our new chief executive, Roy Twite,' the company said. 'Those plans are both ambitious and achievable and will ultimately deliver improved and sustainable value for our shareholders and wider stakeholders.'

The final dividend was increased by 1%, leading to a 1% rise in the full-year dividend.

Based on no worsening of the current coronavirus outbreak, 'we expect first half organic revenues to be lower than the first half of 2019, given the end market weakness in the factory automation and commercial vehicle sectors,' the company said. 'Our continuing business improvement initiatives are expected to enable us to maintain our margins in the first half of the year,' it added.

At 9:51am: [LON:IMI] Imi PLC share price was -71.1p at 951.4p



Story provided by StockMarketWire.com