IMI reaches £1bn sales
Revenues have tipped over the £1bn barrier at engineering giant IMI, it revealed this morning.
The Birmingham-based company said sales had increased by 12 per cent over the past six months, and said it expected to report "further good progress" for remainder of the year.
Revenues reached £1.03bn for the six months ended 30 June, up from £925m in the comparable 2010 period.
Pre-tax profit also rose 8 per cent to £144.3m and the company's interim dividend was increased by 22 per cent.
Norman Askew, chairman of IMI, said: "Macroeconomic indicators have weakened over recent weeks. Whilst noting some slowdown in industrial demand in Southern Europe and the UK, we have, more generally, not yet seen any material change in underlying order trends since the end of June, with most customers remaining positive about their future investment plans.
"Longer term IMI is well placed to deliver sustainable growth through an acceleration of its new product activity and to deliver further margin improvement through optimised pricing and extensive supply chain cost reduction initiatives."
