IMI revenues reach £1bn mark

Global engineering group IMI posted higher than expected half-year revenue results, topping the £1bn mark. The FTSE 100 company said revenue for the six months ended 30 June rose from £925m to £1.032bn, reflecting continued improvement in trading conditions in their end markets. Pre-tax profit increased by eight per cent from £133.5m last year to £144.3m, helped by an improvement in the operating margin, which rose to 17 per cent from 15.7 per cent in the first half of 2010. IMI’s larger divisions, fluid power and severe service, saw the largest sales growth.