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(Alliance News) - IMI PLC on Thursday said it now expects to report at least 10% earnings per share growth in 2021 as its performance improved in the third quarter.
The Birmingham, England-based engineering company said sales and operating profit for the three months to September 30 were higher organically than in the same period in both the prior year and 2019.
IMI organic revenue in the quarter was 6% higher year-on-year at GBP453 million, and 1% higher on an adjusted basis. From two years before, revenue rose by 5%.
"Trading in the third quarter has been somewhat ahead of our previous expectations and, while markets and supply chains continue to be volatile, demand into the first few weeks of the final quarter remains good," said Chief Executive Roy Twite.
As a result, IMI has now increased its guidance for full-year earnings per share to between 88p and 92p from the 85p to 90p range predicted before, subject to no material change in trading conditions. For 2020, EPS totalled 79.7p.
"We remain confident in our ability to deliver over time sustainable, profitable growth, including the growth and margin ambitions described in our recent capital markets events," added Twite.
IMI also said it remains on track to complete its planned GBP200 million buyback by the end of 2021. It has completed GBP165 million of this so far, buying back 9.7 million shares.
IMI said it will issue its 2021 results on February 25 next year.
FTSE 250-listed IMI shares were trading 6.8% higher in London on Thursday at 1,740.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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