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Investing.com -- Shares of IMI plc (LSE:LON:IMI) fell by 2.4% as the company grapples with a cybersecurity incident. The engineering company has reported unauthorized access to its systems, joining a list of firms that have recently faced similar challenges. While the full impact of the breach is not yet clear, the incident has raised concerns among investors and analysts.
IMI has been working with external experts to investigate and contain the breach, promising to provide updates when appropriate. The incident’s financial impact remains uncertain, but comparisons with previous cybersecurity issues in the industry suggest varying degrees of EBITA impact, from negligible to significant.
RBC analysts commented on the situation, highlighting the uncertainty due to the lack of details. "The lack of details make it hard to form a clear view - based on the tone of the release and the current systems functionality that the company has indicated in our conversations with them, it appears more likely in our view that the impact will be towards the Vesuvius/Smiths end of the spectrum.
While some potential exceptional charges could possibly occur, we see the chance of revenue deferrals as lower given the start of the FY25 year (no impact on FY24)."
The cybersecurity incident at IMI follows a series of similar events that have affected other companies in recent years. The industry has seen a range of impacts on earnings before interest, taxes, and amortization (EBITA), which has previously ranged from negligible at Smiths to around 15% at Morgan, including exceptional costs.
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