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Engineering company IMI upgraded its guidance on annual earnings following 'strong' performance in the first quarter of the year amid improving trends in across its major end markets.
For full year 2021, guidance for adjusted earnings per share was lifted to 81p to 87p from 75p to 82p prior. The company also said it now had confidence that IMI would become a sustainable 18% to 20% margin business over time.
'The first quarter of 2021 has delivered another strong performance with group sales, margins, profits and operating cash flow all higher organically than the same period in the prior year, and also higher organically when compared to the first quarter of 2019,' the company said.
For the three months to the end of March, organic revenues were 7% higher than the same period in 2020 and 4% higher on an adjusted basis.