IMI recorded a 19% organic increase in third-quarter orders at its Process Automation division, supported by demand for new projects and aftermarket work in industrial markets. The fluid and motion control manufacturer also reported £25 million of data centre orders in Climate Control over the first nine months of 2026, compared with £9 million in the equivalent period last year. The stronger intake did not translate directly into higher quarterly Process Automation revenue, which declined as shipment timing changed.
The Process Automation order figure excludes Truflo Marine and is measured on an organic basis. Orders for the division were 14% higher over the year to date on the same comparison, with New Construction orders up 27% and higher-margin Aftermarket orders up 7%. These figures describe customer order intake rather than installed equipment or recognised sales. Industrial projects can involve engineering, manufacturing, testing and site integration before their commercial value appears in revenue.
Process Automation represented 44% of IMI’s 2025 sales, making it a substantial part of the group’s exposure to industrial capital spending and maintenance activity. The division supplies technology used to control and manage fluid flow in demanding processes. New construction demand can point to future projects requiring valves, actuation and control equipment, while aftermarket requirements arise as installed systems are inspected, serviced, modified or repaired throughout their operating lives.
Process Automation revenue fell 6% organically in the quarter, against a 2025 period in which revenue had risen 26%. Over the first nine months of 2026, revenue was 1% higher. The difference between orders and recognised sales reflects the time required to turn an engineered equipment specification into manufacturing, testing and delivery. Customer project milestones and shipment dates can shift invoiced work between reporting periods even when fresh orders are increasing.
A process control package begins with conditions including pressure, temperature, fluid compatibility and required flow rates. Valve sizing and actuator selection then have to account for the plant’s duty and the wider control scheme. After specification, the equipment moves through production, assembly, tests and documentation before delivery is coordinated with construction and commissioning. Maintenance and replacement orders are scheduled differently, often around planned shutdowns or a plant’s need to restore a particular duty.
IMI’s Industrial Automation division, representing 21% of 2025 group sales, increased organic revenue by 2% in the quarter and 4% over the first nine months. The quarterly comparison was against a stronger period in 2025 that benefited from the recovery of delayed shipments. Industrial Automation products are used in production equipment where pneumatic or other motion-control functions must be integrated with machine cycles, making demand sensitive to OEM activity and factory investment.
Life Technology, representing 35% of 2025 sales, achieved 11% organic revenue growth in the quarter and 7% year to date. Within it, Climate Control grew 13% in the quarter and 7% over nine months, with shipments from its data centre order book contributing to the pattern. The £25 million data centre order figure covers demand won so far this year; it is not a measure of equipment installed at those sites during the quarter.
In data centres, climate-control components regulate the movement of cooling fluids through equipment serving changing thermal loads. Valve response, flow balancing and maintenance access all affect the way a cooling circuit accommodates varying demand. More concentrated computing power can increase the need for accurate fluid regulation, while the company has reported an expanding order book in this market.
The Life Science and Fluid Control business recorded 2% quarterly organic revenue growth and 4% growth year to date. Transport was stronger, with revenue increasing 19% in the quarter and 10% over nine months as the global heavy-duty truck market recovered. IMI raised its expectation for full-year Transport organic revenue growth to high single digits from mid single digits, while continuing a strategic review of that business.
IMI increased its 2026 adjusted basic earnings-per-share forecast to 137p–143p, from 136p–142p. Additional contribution from Truflo Marine before its delayed disposal is the main factor, alongside improved Transport performance. The disposal is now expected to complete in the fourth quarter rather than the third, extending the period during which the business contributes to group earnings.
The group continues to anticipate a sixth consecutive year of mid-single-digit organic revenue growth, assuming planned Middle East shipments can be completed by the end of the year. Deliveries to that region remain a factor in converting its current order book into recognised sales. IMI will report full-year figures on 9 March 2027, when that shipment timing and the remaining contribution of Truflo Marine will be reflected in the results.
Process Automation’s higher order intake gives IMI a larger delivery pipeline despite a softer quarterly revenue comparison. Its factories and project teams must convert the new construction and aftermarket requirements into tested systems and completed shipments, while Climate Control serves an expanding data centre order book. The March results will show how much of that work was delivered during the final quarter of 2026.
