3rd May 2018 09:33
LONDON (Alliance News) - IMI PLC on Thursday said continuation of improved trading performance has led a 2% year-on-year rise in first quarter organic revenue and current business performance remains consistent with market views for the year.
The engineering company also said organic revenue for the first half is expected to be higher than the year ago period, with a modest improvement in margins.
IMI expects its 2018 results to be hurt by the strength of sterling against the euro and the US dollar. At first quarter average rates, the company expects a 4% exchange rate headwind to both revenue and profit for the full year.
For the three months to March-end, the company recorded 3% growth in revenue on an adjusted basis, reflecting exchange rate headwinds and a maiden contribution from the acquisition of US engineer Bimba in January.
Shares in the company were trading 3.5% lower at 1,090.00 pence in morning trade. IMI is slated to issue its half year results on July 31.
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