February 28, 2020 / 7:29 AM / a month ago

BRIEF-IMI Sees Lower H1 2020 Organic Rev Due To Coronavirus Impact

Feb 28 (Reuters) - IMI PLC:

* FY REVENUE FELL 2 PERCENT TO 1.873 BILLION STG

* BOARD IS RECOMMENDING THAT FINAL DIVIDEND IS INCREASED BY 1% TO 26.2P

* EXPECT FIRST HALF ORGANIC REVENUES TO BE LOWER THAN FIRST HALF OF 2019, GIVEN END MARKET WEAKNESS IN FACTORY AUTOMATION AND COMMERCIAL VEHICLE SECTORS

* “OUR CONTINUING BUSINESS IMPROVEMENT INITIATIVES ARE EXPECTED TO ENABLE US TO MAINTAIN OUR MARGINS IN FIRST HALF OF YEAR”

* FY OPERATING MARGIN 14.2% VERSUS 14%

* RATIONALISATION CHARGES FOR 2020 ARE EXPECTED TO BE C.£45M, WITH SAVINGS OF C.£25M IN YEAR

* CURRENTLY EXPECT H1 2020 ORGANIC SALES AND PROFITS IN PRECISION ENGINEERING UNIT TO BE C.7%-10% LOWER THAN IN SAME PERIOD IN 2019 Source text for Eikon: Further company coverage:

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