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Valve manufacturer IMI Q1 results reflect ‘mixed trading conditions’

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Specialist engineering company IMI has reported first quarter 2019 results, which reflect a ‘continuation of the mixed trading conditions’ experienced at the end of last year, according to a company release.

IMI warned that it expects lower year-on-year organic revenues for the first half of 2019. This is due to phasing of Critical Engineering’s order book and a slower market demand in the Industrial Automation sector of Precision Engineering.

In its Critical Engineering division, IMI recorded 12% lower organic revenues in the first three months of 2019, compared with the same period last year.

Precision Engineering revenues for the quarter were 1% higher year-on-year; including the impact of currency movement and the acquisition of Bimba, revenues were 7% higher on an adjusted basis.

However, Industrial Automation revenue was 3% lower than the same period in 2018, according to the company.

IMI’s Hydronic Engineering division returned revenues that were 8% higher in the three month period compared to the prior year when sales had dropped.

The valve manufacturer also announced it has developed a number of Brexit-related contingency plans, including a programme of building long lead-time inventories to support customers in the event of increased border controls or delays in getting clearance to or from the UK.

Half-year interim result will be released on 26 July.