IMI is a global engineering group focused on the precise control and movement of fluids in critical applications and comprises five platform businesses - Severe Service, Fluid Power, Indoor Climate, Beverage Dispense & Merchandising. I have a holding in my income portfolio (epic code: IMI).
IMI released an IMS today commenting on the first four months of the year stating that trading has
been in line with expectations with Group revenues up 1% on an organic basis
and down 4% on a reported basis reflecting the ongoing adverse impact of
exchange rate movements.
Management state that their overall expectations remain unchanged, with the Group on track to deliver modest organic revenue growth in the first half with
slightly lower margins compared to the first half of last year and an improved
overall performance in the full year.
During the period the disposal of the Beverage Dispense & Merchandising business in January for about £690m, allowed £620m to be returned to shareholders and a £70m contribution to the UK Pension Fund. Following this return of capital there was a 7 for 8 share consolidation.
Net debt at the end of April stood at a creditable ~£212m which included a £40m purchase of their own shares for the Employee Benefit Trust, this compares to a net debt position of £225.9m at the end of last year.
No comments:
Post a Comment