IMI (LSE:IMI), the UK-listed engineering group specialising in fluid and motion control, reported organic revenue growth of 5% for the first half of 2026, alongside organic adjusted operating profit growth of 8%.
Statutory revenue rose 6% year-on-year, while statutory operating profit climbed 27%, with statutory profit before tax up 17% at £190m.
Adjusted operating margin expanded 50 basis points to 18.7%, and adjusted basic earnings per share rose 13% to 63.4p.
Automation revenue grew 5% organically, with Process Automation aftermarket orders up 7% and Industrial Automation benefiting from improved market conditions against a softer prior-year comparator.
Life Technology revenue also rose 5% organically, driven by continued demand in Climate Control, where data centre orders reached £18m, up from £6m in the first half of 2025.
Growth Hub, the group's innovation engine, generated £78m of orders in the period, up 22% year-on-year.
Adjusted operating cash flow rose 32% and free cash flow was materially higher, supporting over £300m of shareholder returns in the half, including £250m of a planned £500m share buyback and a 10% increase in the interim dividend.
"The first half of 2026 demonstrates our strategy in action: consistent execution of the One IMI operating model, supported by three long-term megatrends: Energy, Automation and Healthcare", said chief executive Roy Twite.
IMI reconfirmed full-year guidance for adjusted basic EPS of between 136p and 142p, remaining on track for a sixth consecutive year of mid-single digit organic revenue growth. The company plans to release its next trading update on 29 October.
News Intelligence what this means for the company
IMI delivered 5% organic revenue growth and 8% organic profit growth in H1 2026, with adjusted operating margin expanding 50 basis points to 18.7% and adjusted EPS rising 13% to 63.4p. The company reconfirmed full-year EPS guidance of 136–142p and reiterated its track record of mid-single digit organic growth for a sixth consecutive year, supported by strong cash generation (adjusted operating cash flow up 32%) and accelerating orders in high-margin areas like data centre climate control (£18m, up from £6m year-on-year).
The H1 results validate IMI's three-pillar strategy (Energy, Automation, Healthcare) with margin expansion and cash conversion both strengthening. Reconfirmed full-year guidance and the company's ability to sustain mid-single digit organic growth while returning over £300m to shareholders in the half suggests operational momentum is intact, though the guidance range (136–142p EPS) implies modest upside from H1 run-rate unless H2 materially outperforms.
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