Birmingham-based engineering company IMI (www.imiplc.com) is to look at a number of cost-cutting initiatives after being affected by difficult market conditions.

In a report covering the third quarter (from 1 July to 30 September), it said: “We remain committed to investing in new-product development to fuel growth, improving operational performance to enhance our competitiveness and investing to modernise our IT infrastructure.

To mitigate the impact of current market weakness, we are looking at a number of cost reduction initiatives.”

The company said that its Critical Engineering division’s third-quarter order input was 12% below the same period of last year, and that its Precision Engineering division’s revenues in the three months to the end of September were 3% lower than the same period last year.