London, June 17, 2026, 16:04 BST
- IMI shares were last at 2,978p, off 0.27%. The stock earlier hit 3,003.16p.
- The engineering group picked up 100,670 shares for cancellation on June 16, paying an average price of 2,979.3971p.
- UK blue chips held steady. Investors looked at unchanged inflation numbers ahead of the Bank of England’s rate call on Thursday.
IMI plc shares slipped in late London trade Wednesday, hovering near a new 52-week high. Investors looked at another buyback announcement, with the broader UK market trading flat.
IMI shares traded at 2,978p, off 0.27% as of 4:03 p.m. in London. The stock hit 3,003.16p earlier in the session. According to Google Finance, IMI’s market cap stood near £7.13 billion. Among peers, Weir Group gained 2.30% and Smiths Group was up 0.43%.
IMI is trading close to the price where it’s running its buyback. With fewer shares on the market, a buyback can boost earnings per share if profit stays the same.
IMI said in a filing it purchased 100,670 ordinary shares on June 16 via J.P. Morgan Securities for cancellation at an average price of 2,979.3971p. The company said total voting rights will drop to 239,163,673 following settlement and cancellation.
IMI filed after a strong stretch. Shares climbed 1.56% Tuesday, ending at £29.86 and beating the FTSE 100. IMI also set a new 52-week high, according to MarketWatch. On Monday, shares were up 3.16% at £29.40.
FTSE 100 slips as traders eye UK inflation, BOE move
FTSE 100 dropped 0.14% to 10,479.77 by 0936 GMT, Reuters said. Investors were looking at UK inflation sticking at 2.8% in May ahead of the Bank of England’s Thursday meeting. “Good news for the economy’s resilience is bad news,” said Nick Saunders, CEO of Webull UK, about the rate question. Reuters
IMI’s new trading update is still the key story for the company. The Birmingham group, which produces fluid and motion-control systems, reported a first-quarter organic revenue increase of 5% from a year earlier. That figure excludes items like currency swings and acquisitions. CEO Roy Twite said IMI is “well positioned,” pointing to its aftermarket reach, price discipline and cash flow. Investegate
Most analysts are still positive. The company-compiled consensus from IMI, last updated May 21, puts average 2026 revenue at £2.37 billion, with adjusted operating profit at £476 million and adjusted earnings per share of 140.1p. The adjusted numbers strip out items not counted as part of regular trading.
IMI laid out its £500 million buyback alongside full-year numbers in March. The group also said it would lift its final dividend by 10% and is expecting £460 million in adjusted operating profit for 2025.
But the risk is real. IMI is counting on shipments to the Middle East to go out by year-end. The Middle East was about 6% of 2025 revenue, mostly Process Automation. If there are more delays, or IMI can’t pass inflation through to prices, the stock—trading near a record—could be vulnerable.
