IMI PLC on Thursday upped its adjusted earnings per share guidance, hailing its strategy and portfolio.

The Birmingham, England-based engineering firm said it now expects 2023 adjusted EPS to be between 114 pence and 118p, up from a guidance of 111p for adjusted basic EPS for 2023 posted in March, and compared to adjusted basic EPS of 105.5p in 2022, and adjusted diluted EPS of 105.0p.

IMI said in the third quarter of 2023, organic revenue rose 3% annually and was 5% higher on an adjusted basis. It added that its restructuring programme remained on track to deliver £20 million of benefits for 2023, £13 million of benefits in 2024 and £9 million in 2025.

Chief Executive Officer Roy Twite said: ‘We have made great progress delivering our purpose-led strategy, Breakthrough Engineering for a better world, as we continue to help our customers become safer, more sustainable and more productive. Our portfolio is aligned to attractive growth markets, and we are creating value for all our stakeholders through a focus on customer satisfaction, market-led innovation and complexity reduction.’

IMI shares fell 1.8% to 1,488.00 pence each on Thursday morning in London.

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