Imi Share Discussion Threads

[caramelsoul] 11/4/2013 08:59

Sorry Red, just edited my post. Had wrong figures in, lol.

[redartbmud] 10/4/2013 14:37

caramel

You could sell at £12.06, why wait?

red

[caramelsoul] 10/4/2013 14:02

Im in @ 1211.5. Looks good for a tick up like you say. Target 1300.

[beckwith] 08/3/2013 11:22

I agree, no need for chat just watch it continue to tick upwards over the next few months!

[bluebelle] 07/3/2013 14:05

Some of the best companies have the quietest threads : I'm happy enough to let the market speak on this one !!!

[bluebelle] 16/11/2012 08:23

2012
16 November 2012
IMI plc ("IMI" or "the Group")
Interim Management Statement
IMI, the global engineering group, issues the following Interim Management Statement, which covers the period from 1 July to 15 November 2012.
Current trading and outlook
Overall trading in the second half is in line with management expectations as communicated at the time of our Interim Financial Report in August. On an organic basis, after adjusting for acquisitions and exchange rate movements, revenues for the four months to the end of October are 3% ahead of last year and 4% ahead for the 10 months year to date. On a reported basis, revenues are 5% and 6% ahead respectively.
Severe Service
Shipments in our Severe Service business have remained strong with revenues on an organic basis 15% ahead of last year in the four months to October and 16% ahead year to date. Second half bookings momentum is similar to the first half, around 4% down on last year, impacted by lower activity in the nuclear sector and reduced bookings for new construction fossil power projects in China and India as we continue to exercise greater selectivity on project bids.
As communicated in the Interim results, we expect margins in the second half to be at similar levels to the first half. Margins in the order book have continued to improve as the backlog of lower margin projects secured in earlier periods is shipped, and is replaced by new projects with margins closer to historic norms. This improved mix in the order book, coupled with ongoing improvements in productivity at the Brno manufacturing facility in the Czech Republic underpin our expectation of a healthy improvement in margins as we progress through next year.
Fluid Power
As anticipated, Fluid Power volumes have weakened in the second half, with revenues for the four months to the end of October down 4% on an organic basis compared to the same period last year and 2% down year to date. The principal contributor to this decline has been the commercial vehicle sector, most notably in the US, with revenues down 8% for the four months to the end of October. Elsewhere the sector business remains resilient, with sales into the oil & gas sector in particular continuing to show good momentum. In the non sector business, activity levels in the US and Asia Pacific have continued at similar levels to the first half, whilst European volumes have weakened by a further 3%.
On margins we continue to demonstrate good underlying momentum, with value engineering and supplier rationalisation initiatives delivering a healthy contribution to cost reduction. We expect second half margins to be similar to first half levels despite the lower levels of activity.
Indoor Climate
Indoor Climate volumes have held up well despite a difficult European construction environment with revenues on an organic basis up 2% over last year for the four months to the end of October, and up 1% year to date. We have seen a return to more normal trading patterns as we enter the important heating season in Europe, following the anomaly last year arising from unseasonably warm autumn weather. We are continuing our investments in sales and engineering to drive long term growth outside our core European markets, and to take advantage of the positive market trends on energy efficiency. As previously indicated we expect Indoor Climate margins to exhibit their normal seasonal improvements in the second half.
Beverage Dispense
Activity levels in Beverage Dispense are higher than anticipated at the time of the Interims, with strong demand for a number of new products in Asia and improving momentum in the US. Despite exiting a significant low margin contract in the UK at the end of June, revenues on an organic basis for the four months to the end of October are flat on last year, compared to a 1% reduction in the first half. Margins in the second half are expected to show further progress over last year as the product mix continues to improve, supported by higher sales of new products at better margins and continued exits from lower margin, more commoditised product lines.
Merchandising
Merchandising revenues on an organic basis are up 6% over last year for the four months to October, and up 10% year to date following a particularly strong first half. We continue to see good growth in our North American automotive business and in our European cosmetics business where we are starting to benefit from two large multi-year contracts secured in the first half. We expect operating margins to show the normal seasonal improvement in the second half and for full year margins to be similar to last year.
Financial position
The Group retains a strong balance sheet. Year end net debt is expected to be GBP150m to GBP170m following a seasonally stronger second half cash performance.
IMI will issue its preliminary results announcement in respect of the year ending 31 December 2012 on 7 March 2013.

[bluebelle] 31/10/2012 09:36

Yes, I gather a few people are having problems with their feeds. IMI also stand to benefit considerably from the Hitachi deal announced yesterday. These deals could be transformational albeit in the medium to long term.
Should certainly attract the attention of more of the FTSE100 orientated fund managers : wouldn't be surprised if IMI is consistently amongst the top 10 or so performers over the next ten years . Decent dividend (well covered) and PEG still below 1.

[deanforester] 30/10/2012 11:27

ADVFN seem to be having trouble with their RNS feed. That one is not on the list.

[bluebelle] 30/10/2012 09:12

30 October 2012



IMI plc

New nuclear joint venture in China



Further to our announcement in December 2010, IMI, the global engineering group, is pleased to announce that it has signed an agreement for a new joint venture in China with Shanghai Automation Instrumentation Company Co., Ltd.("SAIC") to supply control valves into the nuclear power market. SAIC are industry leaders in controls and instrumentation technology and are already important suppliers to the Chinese nuclear industry.



The nuclear power market in China is the fastest growing in the world with 15 operational reactors, 27 under construction and more expected to start construction in the near future. These planned new reactors are expected to increase China's nuclear capacity to 67 gigawatts by 2020 and significantly higher thereafter. The new company will produce control valves for critical applications for these new nuclear power generation plants in a new valve production facility which will be established on Chong Ming Island of Shanghai.



Completion is subject to regulatory clearances and is expected to take place within 6 months.



Roy Twite, Executive Director, IMI plc, said:

"We are very pleased to have signed this agreement with SAIC. This is a very exciting opportunity for IMI. China is investing heavily in new nuclear power generation over the long term and this new venture will enable IMI to play a significant role in this development. We are looking forward to building a long relationship with SAIC delivering industry leading critical valve solutions to the Chinese nuclear market."

[fludde] 12/7/2012 13:13

This is a good collaboration- big potential market.

[broadwood] 27/4/2012 08:23

So this has been the second best performer in the FTSE 250 this week. Apparently.

[redips2] 20/4/2012 08:59

bloomberg like the figs anyhow.

[broadwood] 20/4/2012 08:55

Moving up nicely now.

[apad] 20/4/2012 08:38

Anyone looked at IMI cf Tricorne (run by ex IMI folk)?
apad

[broadwood] 20/4/2012 08:29

Reassuring enough statement. Should move on from here.

- International engineering group IMI said it has had a positive start to 2012 with Group revenues in the three months to end-March up 8% on a reported basis and 6% on an organic basis, after exchange rate movements.

There has been good growth in both our Severe Service and Merchandising businesses with the rest of the Group trading at similar levels to last year.

Overall IMI expects results in the first six months of the year to be in line with expectations and, based on current market conditions, it remains optimistic that the Group will make further progress in 2012.

Severe Service has had a strong start to the year with shipments for the first three months of the year up around 30% on a reported basis and, excluding the benefit from recent acquisitions, over 20% on an organic basis. This strong start partly reflects a catch up in new valve shipments as output from our Brno facility increases and we would expect year on year growth to moderate significantly in the second quarter against stronger revenue comparables from last year. The improved output from Brno, together with encouraging first quarter bookings (up over 10% on last year) gives us increased confidence of good growth for the full year.

As previously indicated, margins in the first half are expected to be at similar levels to the second half of last year reflecting a higher mix of lower margin new valve shipments and higher operational costs in Brno. Second half margins are expected to improve as both of these factors begin to unwind.

Revenues in the first quarter for the Fluid Power business were at similar levels to last year, with reasonable growth in the US and Asia offset by weaker sales in central and southern Europe. Our sector business has grown 3% in the first three months, representing 45% of total Fluid Power revenues in the period. Overall commercial vehicle revenues are up 4% year to date with a strong performance in North American trucks more than offsetting a weaker market in Europe where revenues are down almost 10%. In the remaining sector businesses the strongest performance has been in energy, whilst food and beverage is slightly down.

IMI said it is continuing to focus on margin improvement through a number of ongoing initiatives including product mix, further moves to lower cost manufacturing sites, value engineering and supplier rationalisation. At the same time it is investing in additional sales engineers and key account managers to help drive future growth, most notably in the emerging markets.

As expected, revenues in Indoor Climate, on a constant currency basis, are similar to the first quarter of last year. Whilst the new construction market in Europe remains weak, refurbishment activity, driven by energy efficiency legislation, remains robust, particularly in Scandinavia and Germany. First quarter revenues in Beverage Dispense are also at similar levels to last year, with reasonable growth in North America offset by weaker sales in the UK.

Merchandising has seen strong organic revenue growth of 14% in the first quarter. Whilst to some extent this reflects a low first quarter comparable from last year, the group is seeing good activity levels in the US, particularly in the automotive sector where dealers are investing in our merchandising solutions for their showrooms. There has also seen good growth in our European cosmetics business.

As mentioned above, in February IMI acquired two companies in the Severe Service division, Remosa and InterAtiva for a total initial cash consideration of £107m.

During the period sterling has strengthened against the Euro and is slightly weaken against the US Dollar giving an overall translational headwind. If the first quarter average exchange rates of $1.57 and €1.20 had been applied to 2011 results, it is estimated that revenue and segmental operating profit would have been respectively 1% and 2% lower.

IMI will announce its interim financial report for the six months ending 30th June 2012 on 23rd August 2012.

[broadwood] 19/4/2012 11:01

IMS tomorrow. Broker very positive.

[broadwood] 19/4/2012 07:43

Jefferies International IMI PLC 19/04/12 06:22 Upgrades Hold Buy 2 840.00 1,150.00

[deanforester] 02/3/2012 11:20

I never complain when the dividend is increased by 15%.

[alter ego] 02/3/2012 09:36

Current forecast is for 80.56p eps in year end Dec 2012. That's less than they've just announced so I expect to see it revised pdq. The business is clearly focussed, it knows what it wants to sell, who it needs to sell to and how to improve margins along the way. Short of unforeseen set backs in global economic activity, IMI should continue to prosper IMO.

[bluebelle] 02/3/2012 09:27

Agree. Haven't looked at the detail yet, but on the face of it these are a good set of figures.

[broadwood] 02/3/2012 09:25

Ticking up nicely on mostly positive Broker comment.

[alter ego] 02/3/2012 08:02

"Based on current market conditions we remain optimistic that the Group will make further progress in 2012."

confident outlook

[broadwood] 02/3/2012 07:23

Results look pretty satisfactory.