IMI raises guidance after solid third quarter performance

IMI on Thursday reported organic constant currency sales growth of 2% in the third quarter of 2026, meeting analyst expectations despite facing tough year-over-year comparisons from the prior period’s 12% growth.

The company lifted its full-year earnings per share guidance to a range of 137 pence to 143 pence, up from the previous forecast of 136 pence to 142 pence.

The adjustment reflects an additional contribution from Truflo Marine, whose disposal shifted to the fourth quarter from the third quarter, and stronger performance in the Transport division.

For the first nine months of 2026, organic constant currency sales increased 4% across the group.

The Automation segment posted organic constant currency sales decline of 3% in the third quarter. Process Automation orders rose 19% on an organic constant currency basis in the quarter, driven by a large U.S. liquefied natural gas order and progress in hydrogen projects. Process Automation sales fell 6% in the quarter but remained up 1% for the nine-month period.

Life Technology recorded organic constant currency sales growth of 11% in the third quarter. Climate Control sales jumped 13% in the quarter, supported by data centre shipment timing. Year-to-date data centre orders reached £25 million, compared with £9 million in the same period last year.

Transport sales climbed 19% on an organic constant currency basis in the third quarter as the truck market recovered. Management now expects Transport to deliver high single-digit organic constant currency sales growth for the full year, raised from the previous mid single-digit forecast.

The company maintained its target to deliver mid single-digit organic constant currency sales growth for fiscal year 2026.