London, May 13, 2026, 19:08 BST
- IMI reported a 5% increase in organic revenue for the first quarter, with statutory revenue up 6%. Full-year adjusted basic EPS guidance remains at 136p to 142p.
- The stock slipped after London trading finished, trailing the stronger FTSE 100.
- Management is hinging its outlook on getting planned Middle East shipments out the door by year-end.
IMI plc stuck to its 2026 profit forecast as organic revenue for the first quarter climbed 5%. Investors remain focused on the FTSE 100 engineering firm’s ability to translate its order backlog into sales, with parts of the Middle East still unsettled by conflict. IMI continues to project full-year adjusted basic earnings per share between 136p and 142p.
The range barely diverged from what the market was already pricing in. According to the company’s own analyst consensus from April 29, 2026 adjusted EPS stood at 140.1p with group revenue forecast at 2.37 billion pounds — so guidance didn’t move far from those expectations.
The share price echoed that narrative: there was no rush for the exits, yet buyers also stayed cautious. After the close in London, Hargreaves Lansdown priced IMI at 2,696p on the sell side and 2,700p to buy—a drop of 1.25%. The FTSE 100, on the other hand, edged up 0.58%.
Chief Executive Roy Twite called it “a good start to the year” for IMI, noting the company is “actively monitoring” the Middle East. That region contributed 6% of IMI’s 2025 revenue, with most of that coming from Process Automation. This division supplies valves and control gear for major industrial and energy projects. Investegate
Organic revenue refers to sales growth, but with the effects of currency moves, takeovers and asset sales removed. Adjusted EPS? That’s earnings per share, minus items the company doesn’t count toward its core results. IMI noted that as of May 1, shifts in currency rates wouldn’t make a material dent in either full-year revenue or adjusted operating profit if those rates held steady.
IMI’s Automation unit—the group’s biggest—posted 6% organic revenue growth this quarter. Process Automation matched that pace, up 6%, though total orders dipped 2% from last year’s strong period. Life Technology managed a 4% rise, lifted by demand for climate-control and by direct liquid cooling for data centers, where liquid replaces air to pull heat from servers more efficiently. Transport climbed 9%. IMI noted its strategic review of the Transport unit remains underway.
But there’s a real risk baked into that guidance. On the analyst call, JPMorgan’s Chitrita Sinha asked about Middle East deliveries. Twite responded: if April’s situation continues, roughly 30 million pounds of shipments could be in jeopardy for the year. Management says they’re exploring different routes and tweaking delivery terms to keep products moving to customers.
IMI’s underlying aftermarket business grew by “around about mid-single digits,” according to Chief Financial Officer Luke Grant, who excluded the impact of major nuclear orders and ongoing Middle East issues. Aftermarket sales—covering parts and service after the original equipment goes in—are a big deal for IMI, as Reuters noted back in March: they made up roughly 45% of the company’s overall revenue. Investing.com Australia
Capital returns kept ticking over. According to a Wednesday filing, IMI snapped up 109,000 ordinary shares for cancellation on May 12, paying an average of 2,767.1426p each via J.P. Morgan Securities. The purchase slots into the 500 million pound buyback program IMI unveiled back in March.
The peer comparison is limited. Rotork, a fellow UK flow-control player, operates in industrial actuation and flow-control, but IMI’s latest update focused heavily on its direct ties to energy projects, healthcare, data-centre cooling, and the timing of deliveries in the Middle East—rather than citing a wider upswing among UK engineers.
Half-year numbers land July 31, marking the next big test. For now, the key watch items: Middle East shipments, orders for data-centre cooling, the pace in Industrial Automation, and IMI’s ability to push through inflation without eroding demand.
