Currency volatility impacts full year performance for IMI
BIRMINGHAM-based engineering giant IMI has seen full year revenue dip 3% and pre-tax profits fall 7%, according to its latest set of full year results.
Revenue declined to £1,686m (2013: £1,744m) and pre-tax profit fell to £278m (2013: £298m).
Despite this, the company said it was pleased with organic revenue growth of 2%, although the business had been adversely affected by currency fluctuations, which had impacted revenue by £96m and operating profit by £18m.
On a more positive note, it has recommended a 7% increase in full year dividend.
Roberto Quarta, Chairman, said: “2014 was a year of good progress for the group. In particular, in the first half of the year we undertook a detailed strategic review of all our activities and developed a robust growth plan to harness the group’s full potential and deliver accelerated growth and long-term shareholder value.”
Mark Selway, Chief Executive added: “Despite challenging economic and market conditions in a number of our key sectors, we delivered results in line with expectations while at the same time making significant investment which will drive future growth. Our new strategic plan is now being executed across the Group and I am pleased to report that we are already starting to see early signs of tangible benefits.
“In 2015, based on current market conditions and excluding the impact of exchange rate movements, we expect the Group to deliver modest organic revenue growth weighted towards the second half with margins slightly lower than in 2014 reflecting the impact of the disposal of Eley and acquisition of Bopp & Reuther by the Critical Engineering division and the ongoing investments we are making in all our businesses as we ready them for accelerated long-term growth.”
