IMI PLC, a global specialist engineering company, has released its Interim Management Statement for the first quarter of 2024. The company's Chief Executive, Roy Twite, expressed satisfaction with the 4% organic growth achieved in the first quarter, despite challenging market conditions and strong comparators. IMI has reconfirmed its full-year guidance, expecting the adjusted EPS to be between 120p and 126p for 2024.
The company reported encouraging first-quarter performance, with group organic revenue up 4% compared to the same period last year. The restructuring program is on track to deliver £15m of incremental benefits for the full year and £7m in 2025, with no changes to expected delivery costs.
In terms of sector performance, the Automation sector delivered a strong performance, with revenue up 12% organically. Process Automation saw continued momentum across energy end markets, with organic revenue 27% higher than the prior period. However, Industrial Automation experienced a 5% decrease in organic revenue due to a strong first-quarter comparator and lower industrial activity in Europe and the Americas.
Life Technology, which accounted for 38% of 2023 sales, saw a 6% organic revenue decline in the first quarter. Climate Control and Life Science and Fluid Control also reported organic revenue decreases, while Transport experienced a 19% organic revenue growth.
IMI also announced the disposal of Industrie Mécanique pour les Fluides, a non-core subsidiary within the Life Science & Fluid Control sector, for an enterprise value of €19m. The company expects a 2% headwind on both revenue and adjusted operating profit in the 2024 full year if exchange rates remain constant.
IMI will issue its interim results announcement for the six months ending 30 June 2024 on 26 July 2024. The company is a FTSE100 global specialist engineering company that designs, manufactures, and services highly engineered products to control the precise movement of fluids. IMI employs approximately 10,000 people, has manufacturing facilities in 18 countries, and operates a global service network.