I suppose this should take the form of a caution, I've just bought into IMI so the usual form is that a northwards trend suddenly reverses. Anyway, regardless of that, I am interested to know if there is anyone else invested in IMI.

Merrill Lynch broker note:
"While IMI was one of the better performers in 2010, we think the stock is one of the most attractively positioned in the UK at the start of 2011. In our view, the company has a number of levers to drive earnings higher (we are 6% ahead for 2011E, but believe this is cautious), the business model is well protected against any medium term margin pressures and the company has balance sheet options due to low financial gearing (0.2x net debt/EBITDA end 2011E). On 9.4x 2011E EV/EBITA and 12.5x PE we also think the stock is attractively valued given the groups high returns (c.20% RoIC in 2011E) and growth/cyclical profile.
With FY results and outlook due on March 3rd as a short term catalyst, a relative rating inline with history (which we think is attractive) and 20%+ upside potential to our PO, we upgrade IMI to a BUY.

Goes ex-divi wed 7th sept '11, 11p

StockMarketWire.com
IMI plans to return 200p per share - a total of around £620m - to shareholders following the sale of its beverage dispense and merchandising divisions.

The return of cash is being structured as a 'B and C share' scheme to allow shareholders, subject to applicable overseas restrictions, to elect to receive their cash proceeds as an immediate income payment, an immediate capital payment, a deferred capital payment or any combination of the three.

The company also proposes a consolidation of its ordinary share capital in order to maintain the market price for IMI ordinary shares at approximately the same level as prevailed immediately prior to the implementation of the return of cash. Accordingly, shareholders will receive 7 new ordinary shares for every 8 shares held.

StockMarketWire.com

IMI posts adjusted operating profits of £321.6m for the year to the end of December - 7% up on last time.

Revenues rose by 3% to £1,744m while adjusted earnings per share increased by 12% to 72.6p.

The recommended dividend of 35.3p per share is 9% up on a year ago.

Chairman Roberto Quarta said: "During 2013 we made significant progress in terms of our financial and strategic agendas. The Group delivered another strong set of results and, following the disposal of the Beverage Dispense and Merchandising divisions, IMI is now a specialist flow control company concentrated on industrial end markets."

Jefferies has lifted its stance on engineer IMI from ‘hold’ to ‘buy’, saying that improvements should follow the company’s ‘new regime’.

The broker said that the stock trades in line with the UK industrials sector despite the business delivering above-average margins, having a “decent” balance sheet and “first-rate management”. This sector-average valuation is expected to “unwind”, Jefferies said, as it hiked its target price from 1,590p to 1,750p.

"IMI was trading higher after Swiss bank UBS lifted its rating on the stock from 'neutral' to 'buy', saying that growth rates of sales at the engineering group have the potential to double in the medium term."
Valuation: £17 price target
We set our target price at £17 based on a 2015E EV/EBITA of 13x – this is a c10% premium to the UK engineering sector reflecting a view that the strategic shift at IMI can deliver sustainable growth and margin improvements in a way that is not generally available across the coverage group. The current 2015E EV/EBITA of 12.2x is broadly in line with the sector, 2016E EV/EBITA at 10.5x is a c5% discount. Our DCF valuation is at £17.21 per share.

consolidation artificially puts S/P up, also due to euro, weakness to send ImI south
to £10 also divi cover weak

StockMarketWire.com
IMI reports first half results broadly in line with forecasts despite continuing challenging economic and market conditions in a number of its key sectors.

The group says its five year plan continued to be executed effectively and good progress and increased momentum were evident across its strategic initiatives.

On a reported basis, revenues of £765m (2014: £809m) were 5% lower after the impact of adverse exchange rate movements of £31m, organic revenue reduction of £18m and a net benefit of £5m related to acquisitions and disposals. After adjusting for the impact of adverse exchange rate movements and for acquisitions and disposals, Group revenues on an organic basis were 2% lower than the comparable period in 2014.

On a reported basis, segmental operating profit of £116m (2014: £137m) was 15% lower. Excluding the impact of adverse exchange rate movements of £6.1m and £3.0m related to acquisitions and disposals, segmental operating profit on an organic basis was 9% lower than the comparable period in 2014.

The Group's segmental operating margin was 15.2% (2014: 17.0%) reflecting the impact of lower margins in Critical due to order book phasing and the effect of portfolio changes related to mergers and acquisitions.

Cash generation continued to be strong at £82m (2014: £65m) despite an increase in capital spending of £7m. The results include the benefits of improved working capital management (+£23m) and lower tax payments (+£11m) when compared to the previous half year. Net debt was £289m (2014: £232m) reflecting the payment for the Bopp & Reuther acquisition.

The pre-exceptional tax charge was £24m (2014: £28m) giving an effective tax rate of 22%.

The resulting adjusted earnings per share were 30.3p (2014: 34.9p). The dividend of 13.0p is up 2% on last time.

Chief executive Mark Selway said: "Despite continuing challenging economic and market conditions in a number of our key sectors, we delivered results broadly in line with expectations and continued to execute our strategic plan. At our February presentation the various initiatives to drive growth including improving operational efficiency, enhancing processes and launching new products, were already making a difference. Progress has continued and is gaining momentum.

"In the remainder of the year organic revenue is expected to have a comparable percentage reduction to the first half result. Second half margins, supported by improved results in Critical together with second half seasonality and new product sales in Hydronic, are expected to be broadly equivalent to the second half of 2014."

unsure of imi but spark has a stake I may have imi @ 9.50 ?