DAVY VIEW

IMI has delivered interim results in line with our expectations. The 5% organic revenue growth hit its target rate and continues the recent trend of steady improvement. Full year guidance has been maintained despite increased FX headwinds, partly aided by the benefit of a new £100m share buyback announced today. CFO Dan Shook to leave in mid-2025 was the surprise news. We reiterate our ‘Outperform’ rating and see scope for minimal movement in consensus FY expectations. A results webcast will take place at 08:00.