Profits rise at engineering giant

Birmingham engineering giant IMI has posted a rise in profits for the year ending 31 December 2020.

Turnover at the firm dropped slightly by 3% to £1.825bn last year, but profit before tax rose by 9% to £274m.

The company says that all three of its divisions delivered “robust” results.

Roy Twite, chief executive, added: “Our top priority is the safety of our people, and I could not be prouder of the commitment our employees made to keep our facilities and communities safe throughout 2020.

“All three divisions also advanced their strategic initiatives and delivered resilient results in a tough year. Margins have improved and our culture change and growth initiatives are gaining traction. IMI has also advanced its ESG agenda as we work to build on the positive contribution our solutions make to the wider world. We expect further progress during 2021.

“Based on current market conditions, and assuming no worsening impact from Coronavirus, we expect the group to deliver 2021 adjusted earnings per share of between 75p and 82p.”