Revenue exceeds £2bn at IMI
ENGINEERING giant IMI has seen a 12 per cent increase in revenue which takes the figure over the £2bn mark.
And its pre-tax profits have also surged by an impressive 19 per cent.
The Birmingham firm’s preliminary results for the year ending December 31, 2011 show revenue of £2,131m (2010: £1,911m) and profit before tax of £363.1m (2010: £319.7m)
Chairman Roberto Quarta said: “IMI has delivered another strong set of results in 2011 with good growth and record underlying profits, margins and earnings.
“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.”
IMI says it has been developing its long-term thinking around strategic convergence providing a route map for gradually increasing the percentage of its revenues in what it calls its “sweet spot”.
This means prioritising both organic and acquisition investment in favour of differentiated fluids technologies, applied to global market niches where it already has, or can aspire to, a leadership position, and which benefit from a heightened exposure to attractive market trends such as climate change, resource scarcity, urbanisation and an ageing population.
“We believe these trends are set to be with us for generations, surviving economic cycles and our increasing exposure to them will deliver a significantly higher level of growth over the long term,” the firm said in its results statement.
It said just over half of its operations are currently positioned in this sweet spot.
The firm is also building through overseas acquisition, including in emerging markets.
In February it bought Remosa SpA and Grupo InterAtiva. The latter is a a Brazilian isolation valve business located in Sorocaba, near Sao Paolo, while Italy’s Remosa SpA is an engineering business specialising in valves and related flow control products for severe applications primarily in the petrochemical market.
