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UK valve maker IMI warns on full-year revenue, margins

Reuters - UK Focus

May 7 (Reuters) - British engineer IMI Plc (LSE: IMI.L - news) reported a 1 percent fall in first-quarter organic revenue and warned that full-year organic revenue and margins were likely to be slightly below last year.

IMI said in February that it expected only "modest organic revenue growth" this year.

The company said on Thursday that its 2015 results were hurt by the effects of exchange rate movements compared with 2014.

IMI, which supplies flow-control systems such as valves for power, nuclear, oil and gas and petrochemical plants, has been hit over the past year by the strengthening of pound, particularly against the euro. (Reporting by Roshni Menon in Bengaluru; Editing by Gopakumar Warrier)