|
Adjusted1 |
Statutory |
||||||
|
2018 H1 |
2017 H1 |
Change |
Organic3 |
2018 H1 |
2017 H1 |
Change |
|
|
Revenue |
£915m |
£846m |
+8% |
+6% |
£914m |
£848m |
+8% |
|
Operating profit |
£120m |
£106m |
+13% |
+13% |
£101m |
£94m |
+7% |
|
Operating margin |
13.1% |
12.5% |
+60bps |
|
|
|
|
|
Profit before tax |
£113m |
£98m |
+16% |
|
£93m |
£89m |
+5% |
|
Basic EPS |
32.9p |
28.4p |
+16% |
|
27.4p |
27.2p |
+1% |
|
Operating cash flow2 |
£68m |
£86m |
-21% |
|
|
|
|
|
Dividend per share |
14.6p |
14.2p |
+3% |
|
|
|
|
|
Net debt |
£459m |
£318m |
|
|
|
|
|
1 Excluding the effect of adjusting items as reported in the income statement and defined in note 2.
2 Operating cash flow, as described in note 9 to the financial statements.
3 Change shown after adjusting for exchange rates and excluding the impact of acquisitions and disposals.
Key Points
- Organic revenue 6% higher
- Organic operating profit 13% higher
- Statutory operating profit 7% higher
- Adjusted basic EPS increased 16%
- Proposed 3% increase in interim dividend
- Bimba integration proceeding well
Mark Selway, Chief Executive, commented:
“The recent positive momentum in some of our most important markets continued through the first half of the year. Critical Engineering delivered increased revenues, profits and margins through a combination of rationalisation benefits and Value Engineering. Precision Engineering generated good sales and margin growth, with strong profit drop through, while Hydronic Engineering has largely completed the changes necessary to deliver substantially improved margins in the second half of the year.
“The trading outlook for the Group remains positive and in the second half of 2018 we expect organic revenue and profits to show good improvement compared to the same period in 2017. The improved results will be supported by market growth in Precision Engineering, rationalisation benefits in Critical Engineering and a stronger performance from Hydronic Engineering.
“Based on current market conditions, we anticipate full year 2018 results will be slightly ahead of current market expectations.”
Enquiries to:
|
John Dean |
IMI |
Tel: +44 (0)121 717 3712 |
|
Suzanne Bartch / Gayden Metcalfe |
Teneo Blue Rubicon |
Tel: +44 (0)203 757 9239 |
A live webcast of the analyst meeting taking place today at 9:45am (BST) will be available on the investor page of the Group’s website: www.imiplc.com. The Group plans to release its next Interim Management Statement on 8 November 2018.
To read the full press release in Acrobat PDF format please click here