How Is IMI Plc (LSE:IMI) Trading Today?

IMI Plc (LSE:IMI) shares eased 0.34% to around 2,930.0p today, following a third-quarter trading update on 29 October 2026 that highlighted double-digit organic growth in Climate Control and higher orders year to date.

At the half year, organic Revenue rose 5% and organic adjusted operating profit rose 8%. Statutory revenue was 6% higher and statutory operating profit was up 27%, and the group reconfirmed its guidance of a sixth consecutive year of mid-single-digit organic revenue growth.

Chief Executive Roy Twite said the One IMI operating model continues to deliver consistent, high-quality results.

About IMI Plc

IMI is a global leader in fluid and motion control, with valves, actuators and related technologies that make vital sectors safer, more productive and more energy efficient. Its businesses serve customers in energy, process industries, climate control, life science and transportation.

Around 45% of revenue comes from the higher-margin aftermarket, which provides recurring Demand as installed equipment is maintained and upgraded.

LSE:IMI therefore offers exposure to industrial automation, energy infrastructure and climate technology.

IMI's products are used in applications such as power generation, gas and oil processing, rail, building climate control, medical devices and food and beverage production. Its engineering expertise and long-standing customer relationships help it develop solutions tailored to demanding environments.

H1 2026 Results

Process Automation orders rose 12%, including a £48 million nuclear contract that spans more than a decade, and liquefied Natural Gas orders rose 56%. Aftermarket orders rose 7% organically, and new construction orders increased 20%.

Industrial Automation benefited from improved market conditions and an easier comparison, and Life Technology revenue grew 5% organically, with Climate Control continuing to see demand and good growth in Life Science and Fluid Control and in Transport.

Group margins have benefited from the group's operating model, which focuses on a number of Business units with clear priorities, and on the use of the group's shared functions. Management has described the operating model as compounding Earnings growth over time.

Growth Hub and Innovation

The group's Growth Hub, which brings together market-led innovation projects, generated orders of £78 million in the half, up 22%, following a record £206 million for the whole of 2025, up 38%. This process is designed to turn customer needs into new products and applications.

Data centre orders were significantly higher than a year earlier, reflecting demand for the group's cooling and flow control technologies.

Q3 2026 Trading Update

Year to date, new construction orders were 27% higher and aftermarket orders were 7% higher on a comparable basis. Climate Control delivered double-digit organic growth in the third quarter, and the group announced the Acquisition of a controls specialist to strengthen its smart-connected offering.

Shipments to the Middle East were in line with the expectations set out at the first quarter update, and management continues to expect planned shipments to be delivered by the end of the financial year.

Cash and Capital Returns

Adjusted Operating Cash Flow was 32% higher in the first half, and free cash flow was materially higher than a year earlier. The group returned more than £300 million to shareholders in the half, as part of a £500 million share buyback announced with its full-year results in March.

This reflects a balanced approach to capital allocation, combining Investment in organic growth and acquisitions with returns to shareholders.

Growth Catalysts

Possible catalysts for LSE:IMI include energy transition projects, nuclear and liquefied natural gas investment, automation upgrades, data centre cooling and further bolt-on acquisitions. A large installed base and a high share of aftermarket revenue support visibility.

Continued investment in innovation and the One IMI operating model may also support Margin development.

The group is positioned in markets that benefit from the move to cleaner energy, including liquefied natural gas, nuclear and efficient building technologies. New product introductions, in areas such as smart controls and cooling, may help to widen the group's addressable market.

Factors to Monitor

Industrial results are influenced by project timing, end-market conditions, currency movements and input costs. Order phasing can create variation between periods.

Investors typically follow organic growth, orders, margins, cash generation and acquisitions.

Conclusion

IMI's 0.34% move to around 2,930.0p today follows half-year organic growth of 5%, higher orders and a £500 million buyback.

Process automation, climate technology, innovation and capital returns remain the central themes for LSE:IMI.

For those following LSE:IMI, full-year results in the new year will provide an update on organic growth, margin delivery and capital returns.