LONDON -- IMI
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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Jon Wallis doesn't own shares in IMI. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.