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IMI PLC on Thursday said it remained firm in its forecast for revenue growth in 2025, despite posting a modest decline in revenue during the first quarter. The Birmingham, England-based engineering firm said organic revenue in its first quarter that ended March 31 was 3% lower than the year before, while adjusted revenue was down 5%. This was the result of adverse foreign currency movements and the disposal of IMF in April 2024, IMI explained. ‘We saw strong momentum in the Process Automation Aftermarket where orders were up 19% organically in the first quarter. The overall Process Automation orderbook is 13% higher than March 2024. We are also pleased to report continued good demand for our energy efficient solutions in Climate Control,’ said Chief Executive Officer Roy Twite. ‘At IMI we have an extremely disciplined approach to capital allocation and are committed to the delivery of our financial framework. As such, we are announcing the strategic review of our Transport sector to assess its ability to deliver our medium-term financial targets.’ IMI’s Transport sector represented 8% of group revenue in 2024. Looking ahead, the firm expects to post mid-single digit organic revenue growth in 2025. IMI also reconfirmed guidance for full-year adjusted earnings per share between 129 pence and 136p, which would be up at least 5.3% from adjusted basic EPS of 122.5p in 2024. IMI anticipates the current 2% foreign exchange headwind to be ‘somewhat offset’ by a reduction in its weighted average number of shares to around 249 million. CEP Twite continued: ‘The growth strategy launched in 2019 has fundamentally transformed IMI and created significant value for shareholders. Although the current external environment is evolving quickly, we are confident in the future and well positioned to support our customers, remaining alert for opportunities to unlock further growth.’ IMI will release its half-year results for the six months ending June 30 on August 1. Shares in IMI were up 4.5% at 1,874.00 pence in London on Thursday morning. The stock has risen 1.5% over the past year. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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