Engineering giant has revealed an eight per cent rise in first quarter sales after being boosted by demand from power generation markets.
Birmingham-based IMI, which makes power-generation equipment and valves for drink dispensers, said it expects to hit growth targets after its performance in the first three months of the year.
Analysts currently expect IMI to report earnings of 37 pence per share for the first half, on revenue of £1.09 billion, according to a Thomson Reuters poll.
The company, which makes power-generation equipment and valves for drink dispensers, said its severe service and merchandising arms had performed well.
“We have seen good growth in both our severe service and merchandising businesses with the rest of the group trading at similar levels to last year,” IMI said in a statement.
The company said first-quarter shipments at its severe service business, which makes products for the oil & gas, petrochemical, iron & steel and nuclear industries, were up about 30 per cent on a reported basis.
IMI added that sales at its merchandising business – which provides bespoke merchandising displays for brand owners and retailers – had risen 14 per cent during the quarter.