Last checked at (Sharecast News) - Engineering group IMI pulled full year guidance and said the coronavirus pandemic had made a "more marked impact" on April trading as lockdowns took their toll.
The company said April organic sales were 9% lower year on year reflecting the steep decline in its commercial vehicle segment and temporary construction site restrictions affecting IMI's Hydronic unit.
"We continue to accelerate our cost reduction programs and now expect full year restructuring benefits of ?28m and a further ?30m of other cost containment initiatives," the company said on Thursday.
IMI said organic revenues for the three months to the end of March were 5% lower, excluding the impact of acquisitions and exchange rate movements, in line with guidance. Profits, margins, and operating cash flow were all higher than the same period in the prior year.
"Until sufficient time has passed to offer greater insight, we refrain from offering guidance. However, we will continue to offer updates as it becomes appropriate to do so, particularly should we begin to see more clarity regarding the impact of Coronavirus on the remainder of the year," the company said.
24 Jul 2020 07:56
IMI interims boosted by demand for ventilator parts
(Sharecast News) - Engineer IMI posted a rise in interim profit on Friday, thanks in part to a temporary surge in demand for ventilator parts due to the coronavirus pandemic, and said it was reinstating its full-year dividend.
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