Slimmed down IMI looks to focus on growth as FY profits rise 8%
BIRMINGHAM-based engineering group IMI has said it expects to see an improvement in overall performance during 2014 as the scaled down business looks to build for the future.
In its full year results statement, chairman Roberto Quarta said the group had made progress towards its strategic objectives during 2013; a year which saw it divest its Beverage Dispense and Merchandising divisions.
The results show revenue at the group up 3% at £1,744m (2012: £1,696m), with pre-tax profit up 8% at £297.7m (2012: £274.8m). Basic earnings per share were up 12% at 72.6p (2012: 64.7p), while the group has recommended a dividend of 35.3p per share, a rise of 9% on 2012. Net debt stood at £199m at year-end (2012: £144m).
The group said as it moved into the next phase of its development a review of all parts of the business had been initiated. While the review is ongoing, it said there had already been positive findings.
These findings, it said, together with the group’s inherent strengths meant it was well positioned to exploit a range of growth opportunities over the medium term.
“Looking at the year ahead: in 2014, based on current market conditions and excluding the adverse impact of exchange rates, we expect the group to deliver modest organic revenue growth in the first half with margins slightly lower than in the first half of last year and an improved overall performance in the year,” it said.
Quarta added: “During 2013 we made significant progress in terms of our financial and strategic agendas. The group delivered another strong set of results and, following the disposal of the Beverage Dispense and Merchandising divisions, IMI is now a specialist flow control company concentrated on industrial end markets.”
