IMI organic growth up 7%
Engineer IMI said revenues for the four months to April 2008 show organic growth of around 7%, with all its five businesses contributing to the growth.
The group also said it is benefiting from the weak sterling in the first four months of 2008, which has had a positive impact on the translation of its revenues and profits.
Its end markets remain firm with no change in order momentum in recent months. Prospects for the oil and gas and power markets look positive for its Severe Service business, it said.
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"Providing end markets remain supportive and notwithstanding some inflationary pressures on input costs, the combination of growth from new products, strong emerging markets growth and the benefits from our restructuring programme gives us confidence for good progress in 2008," said the group.
Markets for its Severe Service business remain buoyant, while its Fluid Power business is performing in line with expectations, although US truck volumes are showing recent signs of weakening with some second half schedules being pushed into 2009.
Merchandising has delivered strong growth particularly within the cosmetics and food and beverage sectors. Sharp increases in steel prices coupled with the traditional pricing lag are likely to have some impact on first half margins, it added.
