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IMI Q3 performance tops its expectations, led by surge in ventilator sales
StockMarketWire.com
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Specialist engineering company IMI said trading in the third quarter had been 'somewhat better' than previous expectations amid a one-off surge in ventilator sales.
Revenues for the third quarter were, on an organic basis, 1% lower compared to 2019 and, when including the impact of foreign exchange movements and acquisitions, but flat on an adjusted basis.
The results were supported by additional surge in sales within the ventilator business of £40 million, the company said.
'We now estimate the full year effect of this ventilator demand surge will be a one-off revenue benefit of £85 million, versus the expectation of £70 million reported in our July half-year results,' it added.
Organic revenue in its critical engineering and hydronic engineering businesses was expected to be 5% lower compared with 2019.
The company said it had made good progress on its strategic restructuring initiatives and remained on-track to deliver the targeted 2020 structural savings of £30 million.
Looking ahead, the company said it now expected full year 2020 adjusted earnings per share in the range of 74p to 78p.
Story provided by StockMarketWire.com
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