Half Year Results 

IMI sells off despite profit beat

IMI sells off despite profit beat

IMI (IMI) posted half-year results that were slightly in advance of analyst expectations, but trading conditions across the engineering group’s markets are still posing challenges. The latter point was borne out by flat organic revenues, at fixed currencies, and a 3 per cent decline in underlying operating profit. Statutory revenue was aloft on £85m in favourable currency translations, though any benefits on that score weren’t immediately obvious in operating cash flow, essentially flat on the 2016 comparative, and held in check by increased working capital commitments on the back of improved trading.

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