Engineering giant overcomes headwinds to post robust results
IMI, the Birmingham engineering giant, has posted broadly flat results for 2019.
The listed firm posted profits before tax of £251m on a slightly reduced turnover of £1.87bn for the 12 months to 31 December 2019.
The company said the result were ahead of market expectations.
Lord Smith of Kelvin, Chairman, said: “2019 was a year of significant change and progress at IMI. We delivered results ahead of market expectations whilst simultaneously formulating and launching a new strategy for the Group led by our new chief executive, Roy Twite. Those plans are both ambitious and achievable and will ultimately deliver improved and sustainable value for our shareholders and wider stakeholders. We are already seeing the benefits from our early actions impacting our results.
“Finally, we continue to have a strong balance sheet and inherently cash generative operations which provide the resources to invest in organic development and appropriate acquisition opportunities as they arise.”