Business
Q3 Interim Management Statement
Q3 Interim Management Statement.
About this update from Imi Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2680R\n IMI PLC\n 04 November 2021\n \n \n \n \n 4 November 2021 \n \n \n Good Q3 progress prompts increase in full year EPS guidance to 88p to 92p\nGrowth and profitability initiatives continue to build momentum\n \n \n IMI, the specialist engineering company, issues the following Interim Management Statement, which covers results for the third quarter from 1 July to 30September 2021. \n \n \n Roy Twite, Chief Executive, commented:\n \n \n \n \"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. \n \n We therefore\n \n now increase our guidance for full year EPS to 88p to 92p (from 85p to 90p), subject to no material change in trading conditions. Our programmes to reduce complexity, improve customer service, and deliver [\n \n \n Breakthrough Engineering \n \n \n for a better world] through accelerated market-led innovation are progressing at pace. 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.\"\n \n \n \n \n \n Current trading\n \n Given the exceptional circumstances of 2020, we continue to include 2019 detail in this statement. References to organic changes are on a constant currency basis and exclude disposals and acquisitions. References to adjusted figures reflect figures as reported to management which exclude the impact of adjusting items. \n \n \n \n \n \n IMI Group\n \n \n \n \n Q3 2021\n \n \n \n \n Q3 2021\n \n \n vs Q3 2020\n \n \n \n \n Q3 2021\n \n \n vs Q3 2019\n \n \n \n \n \n \n Revenue & organic change\n \n \n \n \n £453m\n \n \n \n \n +6%\n \n \n \n \n +5%\n \n \n \n \n \n \n \nThe third quarter of 2021 has delivered another good performance with Group sales and operating profits both higher organically than the same period in the prior year and 2019, despite Q3 2020 being the peak period for ventilator surge sales last year.\n IMI organic revenues in the three months to the end of September were 6% higher than the same period in 2020 and 1% higher on an adjusted basis.\n \n \n Our various initiatives to put the customer at the centre of our organisation, to re...