Engineering company IMI said on Thursday that it had delivered an "excellent third quarter performance", with the group now on track to deliver its fourth consecutive year of mid-single digit organic revenue growth.
IMI said organic revenue had risen 12% year-on-year in the three months ended 30 September, taking year-to-date growth to 5%, while statutory revenue was up 11% in the quarter, reflecting favourable currency movements.
Automation, which accounted for 64% of 2024 sales, delivered a 17% organic uplift in Q3 and was up 8% year-to-date, while life technology, representing the remaining 36%, saw organic growth of 4% in the quarter and 1% year-to-date.
IMI also said that if current exchange rates persist through year-end, it expects a 1% drag on revenue and a 1.5% hit to adjusted operating profit compared to 2024. The FTSE 100-listed firm added that full-year adjusted basic earnings per share were still seen landing between 129p and 136p.
Chief executive Roy Twite said: "IMI has delivered an excellent performance in the third quarter. Organic revenue was 12% higher than the same period last year and is now 5% higher year to date. This demonstrates the continued success of our growth strategy and the strength of our One IMI operating model.
"With strong momentum across the business, we remain on track to deliver our fourth consecutive year of mid-single digit organic revenue growth. I am therefore pleased to reconfirm our full year guidance. Our strong balance sheet and cash generation give us the flexibility to invest in organic growth, pursue bolt-on acquisitions, and return capital to shareholders."
Reporting by Iain Gilbert at Sharecast.com