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04 March 2010 - IMI plc Preliminary Results
IMI plc, the international engineering business, today announced its preliminary results for the year ended 31 December 2009.
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2009 |
|
2008 |
|
% change |
 |
| Revenue |
£1,792m
|
|
£1,901m |
|
-6% |
| |
|
|
|
|
|
| Segmental operating profit |
£234.2m |
|
£266.3m |
|
-12% |
Segmental operating margin
Adjusted profit before tax* |
13.1%
£211.7m |
|
14.0%
£254.7m |
|
-17% |
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| As reported: |
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|
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|
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| Operating profit |
£201.0m |
|
£209.8m |
|
-4% |
| Profit before tax |
£186.2m |
|
£176.0m |
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+6% |
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| Adjusted earnings per share ** |
45.8p |
|
54.1p |
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-15% |
| Basic earnings per share |
40.8p |
|
35.4p |
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+15% |
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| Restructuring costs |
£34.9m |
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£19.6m |
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|
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| Net Borrowings |
£172m |
|
£299m |
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-42% |
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| Final dividend |
13.2p |
|
12.7p |
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+4% |
| Total dividend for year |
21.2p |
|
20.7p |
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+2% |
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| * |
before exceptional items (restructuring, investigation costs and fines, acquired intangible amortisation and impairment and financial instruments excluding the reversal of economic hedge contract losses) totalling £25.5m (2008: £78.7m)
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| ** |
before the after tax cost of exceptional items totalling £15.7m (2008: £59.7m) |
Norman Askew, Chairman of IMI commented:
“Retention of Group operating margins in excess of 13%, despite a 16% organic reduction in revenues, is a measure of the underlying quality and differentiated positions of many of IMI’s businesses today, and underlines the value of the strategic repositioning we have undertaken in the years since the last global downturn. With strong cash momentum, and a more stable outlook, a resumption of progressive dividends is deemed appropriate and, accordingly, the final dividend has been increased by 4%.
We are not anticipating any sharp recovery in the global economy and with later cycle and earlier cycle businesses within the Group broadly balanced, volumes in 2010 are not expected to be materially ahead of 2009. However, a lower cost base, with further benefits expected to arise from our ongoing transfer of manufacturing to lower cost economies, should enable us to build on the good progress made to date. In addition, our strong balance sheet and healthy cash generation leave us well placed to exploit further opportunities as they arise."
To read the full press release in Acrobat PDF format please click here.
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