Results Centre

Highlights:

  • Organic revenue growth of 3%
  • Dividend increased by 8%
  • Strong balance sheet with net debt of £144m
  • Investments for growth focused on new product development and the emerging markets
  • Increased resources for M&A
  • Intention to divest the majority of the Merchandising division
  • Share buyback programme of up to £175m over the next 12 months

IMI plc Interim Management Statement

9 May 2013

IMI, the global engineering group, issues an Interim Management Statement, which covers the period from 1 January to 8 May 2013. 

Highlights

Current trading and outlook
Overall trading in the first four months of the year has been in line with management expectations as communicated at the time of our Preliminary Results on 7 March 2013.  Group revenues in the four months to April were down 1% on a reported basis and 3% on an organic basis, after adjusting for exchange rate movements and acquisitions.  Based on current market conditions, we remain confident that the Group will deliver progress over the full year in 2013. 

Highlights

Financial highlights

  2011 2010 % change
Revenue £2,131m £1,911m +12%
       
Segmental operating profit 1 £374.1m £319.7m +17%
Segmental operating margin 17.5% 16.7%  
       
Profit before tax - adjusted 2 £363.4m £304.4m +19%
- as reported £301.4m £306.1m -2%
       
Basic earnings per share - adjusted 3 81.5p 66.3p +23%
- as reported 63.2p 70.4p -10%
       
Dividend - Total for year 30.0p 26.0p +15%

Revenue, profit and earnings per share measures quoted above are based on continuing operations.

 

1 before exceptional items (restructuring, acquired intangible amortisation, the reversal of economic hedge contract gains and in 2010 the UK employee benefit curtailment gain) totalling £59.9m (2010: £10.6m)

2 before exceptional items (restructuring, acquired intangible amortisation, financial instruments and in 2010 the UK employee benefit curtailment gain) totalling £62.0m (2010: £1.7m credit) and including economic hedge contract gains and losses totaling £4.1m (2010: £2.7m)

3 before the after tax cost of exceptional items totaling £57.9m (2010: profit of £0.5m)

Outlook

IMI has delivered another strong set of results in 2011 with good growth and record underlying profits, margins and earnings. In light of this performance, and our confidence in the future prospects for the business, we are pleased to propose an increase in the full year dividend of 15%.

Whilst the global macro-economic outlook remains uncertain, we are committed to our well defined plans to drive strategic convergence, accelerate future growth, deliver further margin improvement and make greater use of our strong balance sheet in delivering value enhancing acquisitions.

Based on current market conditions we remain optimistic that the Group will make further progress in 2012.

Resources

Press Release

To view the press release as a pdf