IMI sees demand stabilising

27th Aug 2009 12:32

Engineer IMI reported better-than-expected first-half results and said underlying levels of demand appear to have stabilised.Pre-tax profit fell to £79.7m in the six months ended 30 June compared with £103.7m last time, while revenues dropped slightly to £900m from £911m.The interim dividend has been maintained at 8p.'Underlying levels of demand would appear to have stabilised following the very sharp reductions seen in some of our businesses in the early part of the year,' said chairman Norman Askew.'We are not assuming any improvement in general economic conditions during the second half but, as and when it materialises, we are well placed to benefit given the restructuring already undertaken and the further expansion of our low cost manufacturing capabilities.'IMI has had a bad month after agreeing to pay an $18,2m fine in early August over irregular payments by its US subsidiary Control Components.