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.

"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 ?