What's new:
â– First-quarter like-for-like sales down 1 per cent
â– Weak euro wipes 3 per cent off revenue and profits
â– Strategic plan "progressing well"
IC TIP:
Hold
at
1192p
"More challenging than expected" markets footed the blame for another bleak trading update from IMI (IMI). As the oil and gas sector cut back on investment in response to the plummeting price of brent crude, management reported weaker order intake for its industrial valves and a 4 per cent fall in group sales.