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IMI HY Profit Rises; Sees FY Results In-line With View

IMI Plc. (IMI.L) reported that its profit for the six-month ended 30 June 2019 increased to 76.8 million pounds or 28.3 pence per share from 74.2 million pounds or 27.3 pence per share in the prior year.

Statutory profit before tax was 92.7 million pounds, compared 92.9 million pounds in the previous year.

Adjusted earnings per share were 32.0 pence compared to 32.9 pence in the prior year.

Adjusted revenues of 910 million pounds were 1% lower due to 18 million pounds lower divisional results offset by 13 million pounds favourable exchange movements. Organic revenues were 3% lower when compared with the same period in 2018.

The trading outlook for the Group remains substantially unchanged. In the second half of 2019 the company continues to expect that organic revenue will experience a decline similar to that in the first half, when compared with the same period in 2018.

Nonetheless, second half profits are expected to be similar to last year, supported by the business improvement initiatives pursued by each of the three divisions.

The company anticipates full year 2019 results will be in-line with expectations.

Based on the global industrial outlook the company still expects full year organic revenues and margins to be slightly lower than for 2018.

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