LONDON, Aug 28 (Reuters) - British engineer IMI Plc posted a 35
percent rise in first half profit on Thursday and said it expected further
progress during the rest of the year, although it might continue to see some
areas of weakness.
Birmingham-based IMI, which makes drinks dispensing, air conditioning and
other industrial equipment, said pretax profit in the six months to June 30 was
103.7 million pounds ($190.6 million) from 76.8 million previously.
Revenue rose 17 percent to 911 million pounds from 781 million and the group
increased its interim dividend by 7 percent to 8 pence per share.
The group said it had a healthy order book and was confident of further
revenue progression in the second half.
"We remain focused on margin improvement, with ongoing cost reduction
initiatives expected to mitigate the impact of raw material and energy cost
increases," IMI said in its results statement.
"We are alert to the possibility of a further deterioration in economic
conditions, and whilst we may continue to experience some pockets of weakness,
we anticipate another period of solid progress in the remainder of the year."
Shares in IMI closed at 467.25 pence on Wednesday, valuing the company at
around 1.49 billion pounds.
(Reporting by Philip Waller; Editing by Mike Elliott) ($1=.5440 Pound)
Keywords: IMI/
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