LONDON, July 3, 2026, 16:02 BST
- IMI (LON:IMI) gained 1.44% to 2,958p as of 16:01 BST, outpacing the FTSE 100 which was up 0.18%.
- Volume hit 1.39 million shares, about 36% higher than the Google Finance average of 1.02 million shares.
- The stock stayed 2.8% under its 52-week high of 3,044.04p from June 19.
- IMI’s buyback of up to £500 million comes to roughly 7.1% of its £7.07 billion market cap, based on Friday’s price.
IMI plc (LON:IMI) pushed higher late in Friday’s London session, with trading patterns hinting at a cash-return move, not fresh news from the company. Shares were up 42p, or 1.44%, at 2,958p as of 16:01 BST on Google Finance. The FTSE 100 index (INDEXFTSE:UKX) added 0.18% at 15:47 BST. London Stock Exchange trading ends at 16:30 BST.
IMI is trading near its highs, but the second £250 million piece of its buyback hasn’t shown up yet in daily filings. Investegate’s IMI RNS feed showed the most recent IMI update was a July 1 total voting rights notice; before that, a June 22 filing said the first £250 million buyback piece was finished.
| London tape | Price/level | Day move | Extra read |
|---|---|---|---|
| IMI plc (LON:IMI) | 2,958p | +1.44% | 1.39 million shares changed hands; 52-week high is 3,044.04p |
| FTSE 100 (INDEXFTSE:UKX) | 10,672.27 | +0.18% | Traded between 10,604.25 and 10,701.32 on the day |
| Weir Group PLC (LON:WEIR) | 2,500p | +2.29% | Beat IMI on the day |
| Smiths Group plc (LON:SMIN) | 2,645p | +1.97% | Beat IMI |
| Diploma PLC (LON:DPLM) | 7,225p | +0.42% | Came in behind IMI |
| Spirax Group PLC (LON:SPX) | 6,795p | +0.37% | Came in behind IMI |
IMI traded 2.8% under its 52-week high, with volume sitting about 36% over the Google Finance average before close. For a stock waiting on half-year results July 31, that’s not a minor point.
The buyback numbers stand out. IMI said in a July 1 voting-rights notice it had 250.56 million ordinary shares issued, including 11.65 million in treasury and 238.91 million voting rights. With a £7.07 billion market cap at Friday’s close, IMI’s £500 million buyback comes to about 7.1% of its equity.
| Buyback and share base | Confirmed figure | Market read |
|---|---|---|
| Buyback announced as up to | £500 mln | Works out to about 7.1% of market cap |
| First tranche was completed | £250 mln | Roughly 3.5% of market value |
| Second tranche next | £250 mln | Deutsche Numis, part of Deutsche Bank AG (ETR:DBK), to run it |
| Voting rights count as of June 30 | 238.91 mln | Shares outstanding matches Google Finance listing |
| Treasury shares held | 11.65 mln | Take these out of the voting base |
IMI said June 22 it finished the first £250 million part of its buyback announced in March and hired Deutsche Bank AG’s Deutsche Numis to handle the second £250 million tranche, with that kicking off “in due course.” J.P. Morgan Securities plc, a unit of JPMorgan Chase & Co. NYSE:JPM, managed the first £250 million. Investegate
The company’s earnings are the second leg of the trade. IMI’s analyst consensus page, last updated May 21, puts 2026 adjusted EPS at 140.1p, with 2027 adjusted EPS at 153.0p. At 2,958p, the shares trade at about 21.1 times 2026 consensus and 19.3 times 2027 earnings.
| IMI consensus | 2026 mean | 2027 mean | Implied change |
|---|---|---|---|
| Group revenue | £2.371 bln | £2.452 bln | +3.4% |
| Adjusted operating profit | £476 mln | £501 mln | +5.3% |
| Adjusted operating margin | 20.1% | 20.4% | +30 bps |
| Adjusted EPS | 140.1p | 153.0p | +9.2% |
IMI Chief Executive Roy Twite said in the company’s May trading update that the group made “a good start to the year” and pointed to “strong pricing power.” For the first quarter, IMI reported 5% organic revenue growth, with Automation revenues up 6% and Life Technology up 4%. Full-year adjusted basic EPS guidance stays at 136p to 142p. IMI plc
On the May call, Twite told investors that new construction orders for conventional power “literally doubled” in Q1. CFO Luke Grant added that underlying aftermarket growth was “around about mid-single digits” once nuclear and Middle East impact was stripped out. Investing
Shares are now tied to both execution and returns. IMI said the Middle East made up 6% of 2025 revenue, mostly from Process Automation. Its 2026 outlook counts on planned shipments to the region arriving by year-end.
