- Engineering company IMI reported a 'more marked' impact from the coronavirus in April.

In April, organic sales were 9% lower on-year, reflecting the 'steep decline in IMI precision's commercial vehicle segment and temporary construction site restrictions affecting IMI hydronic,' the company said.

'We continue to accelerate our cost reduction programs and now expect full year restructuring benefits of £28m and a further £30m of other cost containment initiatives,' it added.

The downturn in performance in April followed a decline in revenue in the first quarter.

Excluding the impact of acquisitions and exchange rate movements, organic revenues for the three months to the end of March were 5% lower when compared to the first quarter last year, as expected, the company said.

'Until sufficient time has passed to offer greater insight, we refrain from offering guidance,' IMI said.

At 8:36am: [LON:IMI] Imi PLC share price was +39.5p at 818p

Story provided by