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New IMI boss hoping to use his Halma-earned growth magic
The 9 May annual general meeting will trigger a change of chief executive at IMI (IMI), one that investors hope will set the company back on track with past ambitions of 20% operating margins.
Incoming boss Roy Twite has been a board director at IMI for 12 years and has led each of the group’s divisions, giving him extensive insight to the day-to-day business.
IMI is one of the UK’s largest engineering firms specialising in critical systems, precision and hydronic engineering solutions.
Industrial automation adoption and liquefied natural gas expansion are seen as particularly promising markets.
IMI reported revenue in excess of £1.9bn in 2018 and operating profit of £265.5m, implying 13.9% margins.
Twite is also a non-executive director at FTSE 100 electronics engineer Halma (HLMA), prompting one analyst to wonder if he might bring some of its high quality growth ‘pixie dust’ to IMI from its larger peer.