- Engineering firm IMI upgraded its outlook on the annual performance after reporting 'strong' results in the first half of the year.

'Based on the strong first half results and current market conditions we now expect 2021 full year adjusted EPS to be in the range of 85p to 90p,' the company said.

For the half ended 30 June, pre-tax profit rose 18% to £137 million year-on-year as revenue increased 5% to £907 million.

'Like most industrials, IMI is seeing supply chain constraints for certain components and raw material cost inflation,' the company said. 'These are being managed well, minimising any impact on service levels to our customers. Where necessary, we continue to pass-through input cost increases to maintain margin progression.'

The company recommended a 2021 interim dividend of 7.9 pence per share, up from 7.5 pence per share last year.

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