UPDATE 1-Cost cuts help manufacturer IMI top forecasts

* 2009 adjusted EPS to be 43-45 pence

* Demand stable, some improvement in Asia, North America

(Adds detail, background)

LONDON, Nov 9 (Reuters) - Full-year earnings at British manufacturer IMI Plc (IMI.L) will be well ahead of analysts' expectations as cost cuts offset lower revenue.

The company, whose specialisms include valves, drinks dispensers and heating and air conditioning equipment, said on Monday it had saved money by accelerating the transfer of more production to low-cost economies.

As of a result of this, plus other benefits like lower metal prices, adjusted earnings per share (EPS) this year would reach around 43 pence to 45 pence, it said in a statement.

Analysts had expected adjusted EPS of around 37p, down from 54.1p in 2008, according to the average forecast of 14 banks and brokerages polled by Thomson Reuters I/B/E/S.

IMI said revenue was down 18 percent in the first 10 months of this year at constant currencies.

The company's six-week moving average order intake is down around 12 percent on last year, reflecting a modest improvement in some markets and a weakening comparable in the last quarter of 2008, it said.

"Overall levels of demand remain broadly stable, with continuing signs of recovery in Asia, some modest improvement in North America and European markets generally remaining subdued," IMI said. (Reporting by Mark Potter; Editing by David Holmes)