31st Jul 2015 06:58
LONDON (Alliance News) - FTSE 250-listed engineering company IMI PLC on Friday said its pretax profit fell in the first half due to lower revenue, as the group said it expects the same challenging market trends to continue into the second half.
IMI said pretax profit in the six months to the end of June was GBP87.1 million, down from the GBP105.8 million it posted a year earlier, as revenue fell to GBP772 million from GBP808 million. The group said the half was characterised by tough trading conditions in a number of its key markets, but said the outcome was broadly in line with its expectations.
It said it will pay an interim dividend of 13.9 pence per share, up from 13.6p a year earlier.
"Despite continuing challenging economic and market conditions in a number of our key sectors, we delivered results broadly in line with expectations and continued to execute our strategic plan," said Mark Selway, IMI's chief executive.
"In the remainder of the year organic revenue is expected to have a comparable percentage reduction to the first half result. Second half margins, supported by improved results in Critical together with second half seasonality and new product sales in Hydronic, are expected to be broadly equivalent to the second half of 2014," Selway added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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