IMI PLC, the specialist engineering company, has released its Interim Management Statement for the third quarter of 2023. The company reported a good performance in the quarter, with Group organic revenue up 3% compared to the same period last year and 5% higher on an adjusted basis. IMI also saw margin improvement during the quarter. The company continues to reduce complexity, expand the aftermarket opportunity in Automation, and deliver further growth in its attractive end markets. IMI's restructuring program remains on track to deliver £20 million of benefits for the full year, with no changes to expected delivery costs.
IMI adopted a new business structure in July 2023, with reporting now aligned across two platforms and five sectors. In the Automation sector, Process Automation (formerly IMI Critical Engineering) had an excellent quarter, with strong order intake and continued organic growth. Industrial Automation (formerly IMI Precision Industrial Automation including Rail) delivered a resilient performance despite uncertain markets. In the Life Technology sector, Climate Control (formerly IMI Hydronic Engineering) revenue was flat organically, while Life Science & Fluid Control (formerly IMI Precision Fluid OEM) saw a 13% decrease in organic revenue. In the Transport sector, organic revenue was 20% higher than the same period last year.
IMI has increased its full-year adjusted EPS guidance to 114p to 118p based on current market conditions. The company will present its preliminary results announcement for the year ending 31 December 2023 on 1 March 2024. IMI employs around 10,000 people, has manufacturing facilities in 19 countries, and operates a global service network.