May 8, 2014 / 6:50 AM / 4 years ago

UPDATE 1-British engineer IMI says strong pound hits revenue

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May 8 (Reuters) - 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 pound.

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)

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