The chief executive of IMI, the Birmingham-based engineering firm, has been recognised for his contribution to industry — with an Honorary Doctorate from Birmingham City University.

Australia-born Mark Selway was presented with the award in a ceremony at Birmingham’s Symphony Hall, alongside graduates from the university’s Faculty of Computing, Engineering and the Built Environment.

He said: “It is such a special privilege to receive this award in a city that IMI is proud to call home. Birmingham is blessed with terrific talent, a ‘can do’ attitude that is helping the city move forward and fantastic graduates entering its workforce from all disciplines.”

Meanwhile, IMI has announced a fall in its first-half revenues and profits. Figures for the six months to 30 June show that its revenues fell to £759 million (from £765 million a year ago), while its pre-tax profits fell to £86 million (from £107 million). Mr Selway said that these results were in line with expectations.

“We continued to make good progress against our strategic plan. In particular, the various initiatives to drive growth — including improving operational efficiency, enhancing processes and launching new products — are making a difference, and our market competitiveness is improving.

“With a broad international manufacturing footprint and less than 6% of our sales in the UK, the transactional impact of Brexit is expected to be modest, with the greatest business sensitivities likely to stem from any general shift in business confidence and investment.

“Our focus remains resolutely on delivering great products and unparalleled support to our customers, notwithstanding any wider uncertainties and distractions.”