The Telegraph's investment column, Questor, provides market insights and investment recommendations. Despite the prevailing economic challenges, there are companies, like IMI in the FTSE 100 index, that are performing well. IMI reported a 10% increase in organic operating profit in its latest financial year, despite a modest 4% rise in organic revenue due to varying market conditions.

The company's profit growth was driven by an enhanced profit margin, which increased by 100 basis points to 19.7%. IMI aims to further increase its operating profit margin to over 20%, which will positively impact its bottom line, with an expected 8% rise in earnings per share for the current year. IMI's profitability is improving, as reflected in its return on equity of 24% and prudent financial management despite gearing ratios.

IMI announced a £200m share buyback program for the year, building on last year's £100m share repurchase, supported by anticipated free cash flow of over £1bn in the next three years. Although the stock’s price-to-earnings ratio is 13.6, the company's solid fundamentals and growth potential suggest it provides good value for investors, warranting a premium valuation compared to the wider market index.