Business
Interim Management Statement & Coronavirus update
Interim Management Statement & Coronavirus update.
About this update from Imi Plc
[{"type":"text","content":"\n \n \n RNS Number : 1895M\n IMI PLC\n 07 May 2020\n \n \n \n \n 7 May 2020\n \n \n IMI plc (\"IMI\" or \"the Group\")\n \n \n Interim Management Statement and Coronavirus update\n \n \n \n IMI, the specialist engineering company, issues the following Interim Management Statement, which \n covers results for the first quarter from 1 January to 31 March 2020.\n \n Coronavirus update\n \n Our highest priority remains the protection of our people, our communities and our customers. Following our last update on 30 March, we \n can\n report \n a total of \n 26\n confirmed cases of Coronavirus across IMI. We are pleased to say that \n 12 have fully recovered and 14 are\n on the road to recovery.\n \n \n Roy Twite, Chief Executive said \"I would like to pay tribute to the way IMI employees around the world have responded to the global Coronavirus pandemic. Their commitment, collaboration and ingenuity has been extraordinary and has further strengthened relationships, both internal and external, across the globe. I have no doubt that IMI will emerge an even stronger business as a result\".\n \n \n Given our 'Safety First' imperative, the strict adherence to best practice, including social distancing and deep-cleaning protocols deployed across the Group, will be continued as long as they are needed to provide our employees with a safe workplace. \n \n \n Business disruption, so far, has been reasonably modest, as a result of our great operational teams around the globe. Across the Group, we have over 90% plant availability, India being the only territory where plants are closed, in line with government instruction. Although our Italian facilities within IMI Critical were impacted in April, they have all returned to production and so we expect the backlog of product shipments to be addressed quickly. Our facilities in China are currently operating at near normal levels. Finally, supply chain disruptions have, so far, been minor and managed. The few instances of parts shortages have been addressed by alternative suppliers and contingency stocks. We continue to work closely with our key customers to ensure expectations are being met.\n \n Current trading and outlook\n \n Excluding the impact of acquisitions and exchange rate movements, organic revenues for the three months to the end of March were 5...