Engineering firm to launch £200m share buyback plan
Birmingham-based engineering giant IMI says it will embark on a £200m share buyback after reporting better-than-expected results for the first quarter of 2021.
IMI has raised its full-year guidance on the back of a 7.7% rise in revenue to £421m for the three months to March 31. The company also says it will save £22m this year after it accelerated a restructuring programme.
In a statement this morning (April 26), IMI said: “The board has determined that initiating a share buy-back is now appropriate. We are announcing today a programme to buy-back shares to an approximate value of £200m. This will provide for a more efficient balance sheet while still leaving ample capacity to continue investing in growth, whether organically or through acquisition.”