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Engineer IMI says first half sales to fall on China hit

Reuters
·1-min read

(Reuters) - UK-based specialised engineering firm IMI <IMI.L> reported a fall in adjusted annual revenue on Friday and said it also expects first-half organic revenues to fall compared to last year, as the coronavirus outbreak hits global supply chains in the factory automation and commercial vehicle sectors.

The company, which generates about 8% of its revenue from China, said about a further 8% of revenue could be hit by either supply-chain sourcing or customer exports into China, assuming "no worsening of the current situation".

(Reporting by Tanishaa Nadkar in Bengaluru; editing by Patrick Graham)