Weak fossil power market mars IMI progress

11th Nov 2010 12:14

Shares in engineering group IMI fell after a mixed trading update.The company reported good progress across most areas in the period since the start of July, with strong performances from beverage dispense, indoor climate and in particular fluid power divisions. But the 'Severe Service' division is expected to see a 10% to 15% fall in revenues due to a weak fossil power market.'Whilst the macro-economic environment continues to be uncertain, IMI is well placed to capitalise on the long term favourable trends in clean fuel, energy efficiency, environmental control and healthcare expenditure,' the company said. 'Accordingly we are increasing our investment in sales and new product development resource focused in these areas, with a particular emphasis on the emerging markets.'