May 8 British engineering company IMI Plc
reported a 4 percent decline in group revenue for the
first four months of the year, hurt by the impact of a strong
The company, which supplies flow-control systems such as
valves for power, nuclear, oil and gas and petrochemical plants,
said it expected margins to be "slightly lower" in the first
half of 2014 than a year earlier.
The pound has jumped almost 10 percent against the U.S.
dollar in the year to March 31, 2014.
IMI said order intake in its second largest division - the
severe service unit - was lower compared to the same period last
year with a 4 percent decline in revenue for the four months
ended April 30.
The unit makes valves, actuators and controls that can
withstand extreme temperature and pressure.
The FTSE-100 component shifted its focus to its core fluid
power and severe service units last year with the sale of its
beverage dispensing and merchandising businesses, which
contributed 23 percent to IMI's 2012 group revenue.
The Birmingham-headquartered company has operations in
China, Brazil, Europe and North America.
(Reporting by Aashika Jain in Bangalore; Editing by Robin
Paxton and Supriya Kurane)