Interim results, six months ended 30 June 2015
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Reported1 |
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Statutory |
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Continuing operations: |
2015 H1 |
2014 H1 |
Change |
Organic4 |
2015 H1 |
2014 H1 |
|
Revenue2 |
£765m |
£809m |
-5% |
-2% |
£772m |
£808m |
|
Operating profit2 |
£116m |
£137m |
-15% |
-9% |
£98m |
£113m |
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Operating margin2 |
15.2% |
17.0% |
-180bps |
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Cash generation |
£82m |
£65m |
+26% |
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Basic EPS3 |
30.3p |
34.9p |
-13% |
28.4p |
200.6p |
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|
Dividend per share |
13.9p |
13.6p |
+2% |
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Net debt |
£289m |
£232m |
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1 Excluding the effect of items reported as exceptional in the income statement.
2 Reported amounts as per segmental information – Note 2 to the financial statements.
3 Statutory amounts for Basic EPS include both continuing and discontinued operations.
4 Change shown on an organic basis after adjusting for exchange rate movements and excluding the results of disposals and acquisitions for the period for which there is no comparator.
Summary:
- Results broadly in line with expectations in a challenging external environment
- Currency adversely impacted revenue and operating profit by 4%
- Strategic plan on track and delivering benefits
- Strong cash generation at £82m (2014: £65m)
- Interim dividend increased by 2% to 13.9p
- Net debt of £289m post acquisition of Bopp & Reuther
Mark Selway, Chief Executive commented:
"Despite continuing challenging economic and market conditions in a number of our key sectors, we delivered results broadly in line with expectations and continued to execute our strategic plan. At our February presentation the various initiatives to drive growth including improving operational efficiency, enhancing processes and launching new products, were already making a difference. Progress has continued and is gaining momentum.In the remainder of the year organic revenue is expected to have a comparable percentage reduction to the first half result.Second half margins, supported by improved results in Critical together with second half seasonality and new product sales in Hydronic, are expected to be broadly equivalent to the second half of 2014."
Enquiries to:
| John Dean | IMI | Tel: +44 (0)121 717 3915 |
| Suzanne Bartch / Robert Morgan | StockWell Communications | Tel: +44 (0)20 7240 2486 |
A live webcast of the analyst meeting taking place today at 8:15am (GMT) will be available on the investor page of the Group’s website: www.imiplc.com. The Group plans to release its 2015 Preliminary Results on 26 February 2016.
To read the full press release in Acrobat PDF format please click here.