IMI confident for 2008

Source: Reuters

Date :19/11/2008 10:18:50

Engineer IMI said on Wednesday it is confident of meeting 2008 expectations on continued revenue momentum, but cautious on the outlook given recent weakening in some of its markets.

The Birmingham-based company said second-half revenues in its drinks dispensing business are down around 5 percent on last year, meaning organic revenues for the year are broadly flat.

"The UK market remains very challenging with the capital budgets of major brewers being further tightened," said the company in a trading statement.

IMI also said it is aware that the lower oil price and tighter credit markets could lead to some project deferrals.

Analysts are forecasting full-year pretax profit of 204.7 million pounds, according to data compiled by Reuters Estimates. IMI last year posted pretax profit of 171 million pounds on turnover of 1.6 billion.

Shares in IMI, which reached a 52-week low of 214.75 pence on Tuesday, have traded broadly in line with other London-listed industrial engineering stocks since the start of this year.

(Reporting by Victoria Bryan)

LONDON (Reuters)