Specialist engineering company IMI plc (IMI.L), on Thursday, issued a trading update for the first quarter of 2025, and reconfirmed its full-year guidance, expecting mid-single-digit organic revenue growth despite a modest decline in first-quarter organic revenue while group margins were up.
The Process Automation Aftermarket segment demonstrated strong momentum, with orders increasing by 19% organically in the first quarter. The overall Process Automation order book is now 13% higher than in March 2024.
Additionally, IMI reported continued strong demand for its energy-efficient solutions in Climate Control. However, the Automation segment experienced a 4% decline in revenue due to temporary disruptions caused by a cyber incident earlier in the year. Industrial Automation revenue fell by 7%, reflecting subdued industrial conditions in Europe and the Americas.
Life Technology revenue declined by 2% organically, with Climate Control showing a 4% increase due to sustained demand for energy-efficient products. Meanwhile, Life Science and Fluid Control revenue remained flat, and Transport revenue dropped by 16%, as expected, following strong growth in the first quarter of 2024.
IMI has announced a strategic review of its Transport sector to assess its ability to meet medium-term financial targets. Despite strong performance within its end market, the company aims to ensure alignment with its financial framework. The Transport sector accounted for 8% of IMI's revenue in 2024.
The company remains confident in its ability to navigate external challenges, including proposed tariffs and foreign exchange fluctuations. IMI has reaffirmed its full-year adjusted earnings per share guidance, projecting a range of 129p - 136p. The company continues to monitor market conditions and remains agile in responding to opportunities for further growth.
For comments and feedback: editorial@rttnews.com