LONDON -- IMI (ISE: IMI.L) -- the global engineering group -- is currently down just over 1% after warning of slower growth in the second half of 2012. In its interim report for the first six months of 2012, it posted group revenues up 6% at 1,090 million pounds, pre-tax profits up 7% at 154.4 million pounds, and basic earnings per share up 8% to 34.5 pence. But IMI's chairman, Roberto Quarta, warned of slower growth in the six months to come:
The Group has delivered a good set of results in the first half of the year with organic revenue growth of 5%, underlying earnings growth of 7% and a dividend increase of 7%. While the pace of revenue growth is likely to slow in the second half, given in particular the weakening economic conditions in Europe, we still expect to make further progress in the remainder of the year.
Notwithstanding the macroeconomic uncertainty, we continue to make good progress with the strategic development of the Group, with increased investment in new products and emerging markets, and ongoing utilisation of a strong balance sheet in securing further value-enhancing acquisitions.
IMI's share price continues its recent roller-coaster progress, up nearly 9% over the first half, but down more than 14% on its 2012 high. However, IMI's share price has quadrupled since its post-credit-crunch low in 2008, amply rewarding longer-term shareholders.
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