LONDON, July 4, 2026, 17:01 (BST)
- IMI ended Friday up 0.82% at 2,940p. For the week, shares added just 0.55%, trailing the FTSE 100’s 1.63%.
- The last £250 million buyback round is about 8.5 million shares based on Friday’s close, or 3.6% of voting rights.
- IMI is trading around 2,940p, or about 21x 2026 adjusted EPS consensus of 140.1p.
IMI plc (LON:IMI) closed out the week up 0.82% at 2,940p, widening a weekly gap over the FTSE 100 (INDEXFTSE:UKX), which finished Friday up 0.25% at 10,679.03. London markets are closed for the weekend.
For holders, the main point isn’t the daily price move but the share count calculation. IMI wrapped up its first £250 million buyback, part of the planned £500 million program. Now Deutsche Bank AG’s London branch, operating as Deutsche Numis, will oversee the next £250 million phase.
Based on Friday’s close, the second tranche would pick up around 8.5 million shares, not counting fees or any price moves. That comes out to 3.6% of the 238.9 million voting rights IMI listed as of June 30. It’s also close to five days’ worth of IMI trading volume on Fridays, using Investing.com’s 1.77 million-share number.
| Last week | IMI plc | FTSE 100 |
|---|---|---|
| June 26 close | 2,924p | 10,508.02 |
| July 3 close | 2,940p | 10,679.03 |
| Week move | up 0.55% | up 1.63% |
| Friday move | added 0.82% | rose 0.25% |
The gap is important now that IMI isn’t the bargain recovery play it was. Company-compiled analyst forecasts see 2026 adjusted EPS at 140.1p, rising to 153.0p for 2027. That leaves the shares trading at around 21.0 times 2026 consensus earnings and 19.2 times for 2027 at Friday’s close.
| IMI consensus item | 2026 mean | 2027 mean | Change |
|---|---|---|---|
| Group revenue | £2.371 bln | £2.452 bln | up 3.4% |
| Adjusted operating profit | £476 mln | £501 mln | up 5.3% |
| Adjusted operating margin | 20.1% | 20.4% | up 30 bps |
| Adjusted EPS | 140.1p | 153.0p | up 9.2% |
IMI CEO Roy Twite said back in May the company got off to “a good start to the year” and management was “reconfirming our full-year guidance”. IMI then kept its full-year adjusted basic EPS guidance in a range of 136p to 142p. Sales from the Middle East made up 6% of revenue for 2025, mostly from the Process Automation segment. IMI plc
The Middle East business is still the main risk for IMI heading into the half-year update. The company said its outlook counts on making planned shipments to the area by year-end, and management says they’ll handle inflation by raising prices where they have to.
| Buyback and share base | Figure |
|---|---|
| Total buyback programme | Up to £500 mln |
| First tranche | £250 mln done |
| Second tranche | £250 mln |
| Voting rights at June 30 | 238,912,823 |
| Shares implied by £250 mln at 2,940p | 8.5 mln |
| Implied share count effect | 3.6% of voting rights |
IMI didn’t get much support from the overall market, despite what the index finish might imply. Reuters said the FTSE advanced Friday on the back of gains in financials and precious-metals miners, with chemicals also among the top performers. Those sectors don’t line up well with IMI’s focus on fluid and motion control.
Looking to the week ahead, investors are still waiting for the company event later in the month. IMI plans to release its half-year numbers covering the period to June 30 on July 31. Shares closed Friday 3.4% under the 3,044p 52-week top from Investing.com’s IMI data.
