The company said using information gathered through its review process, it has developed a five year plan to "harness its full potential to deliver sustainable accelerated growth and shareholder value."
"The opportunities are significant and that is reflected in our ambition to double the group's 2014 operating profits by 2019," IMI said in a statement Friday.
FTSE100-listed IMI posted pretax profit of
The company said revenue for its critical engineering division rose 3% on an organic basis, but fell 2% on a reported basis, reflecting the adverse impact of exchange rate movements. Revenue fell to
IMI said order input for the division was down 12%, as it expected, due to a strong period a year ago which included a very large HIPPS order.
The company's precision engineering division also struggled, with revenue down to
IMI Hydronic Engineering saw revenue dip to
Overall group operating margin fell 60 basis points to 17.0%, from 17.6%.
Looking ahead, IMI said the current strength of sterling is expected to continue to weigh in the second half, impacting both revenues and profits by around 6%. It said on a constant currency basis, it expects to deliver an improved rate of organic revenue growth in the second half.
"While our aim is to progressively self-fund our organic growth initiatives, in the second half margins are expected to be slightly lower compared to the same period last year as we invest in a number of areas to ready our business for accelerated future growth," the company said.
Despite its woes, the company increased its interim dividend 6% to
IMI shares were quoted down 0.4% at
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