IMI plc Interim Financial Report
IMI plc, the global engineering group, today announces its interim results for the six months ended 30 June 2013.
| Six months ended 30 June |
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| 2013 | 2012 Restated4 |
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| Revenue | £1,087m | £1,090m | 0% | |||
| Organic revenue growth | -3% | |||||
| Operating profit | - segmental1 | £182.6m | £180.9m | +1% | ||
| - as reported | £162.2m | £155.1m | +5% | |||
| Segmental operating margin | 16.8% | 16.6% | ||||
| Profit before tax | - adjusted2 | £170.1m | £168.3m | +1% | ||
| - as reported | £150.1m | £145.0m | +4% | |||
| Basic earnings per share | - adjusted3 | 39.6p | 38.2p | +4% | ||
| - as reported | 34.9p | 32.3p | +8% | |||
| Interim dividend | 12.8p | 11.8p | +8% | |||
Highlights:
- Continued growth in underlying earnings per share despite lower organic revenues
- Orders up 19% in Severe Service with good margin improvement
- Good progress on new product agenda
- Merchandising sale process on track
- Interim dividend increased by 8%
Roberto Quarta, Chairman of IMI commented:
“The Group has delivered another set of positive results with growth in profit and underlying earnings per share. In particular, Severe Service delivered a strong performance with orders up and margins showing a healthy improvement year on year. We also made good progress with our growth agenda launching several new products and continuing to improve our operational efficiency which will help drive future margin momentum.
We continue to anticipate better trading conditions in the remainder of the year. In addition we expect the Group to benefit from an improving sales mix and an increasing contribution from the recently launched new products. Overall, we remain confident that the Group will deliver good progress in 2013. Reflecting this confidence the Board has increased the interim dividend by 8%.”
| 1 | before exceptional items (restructuring, acquired intangible amortisation, other acquisition related costs, past service credit – UK pension scheme, and the reversal of net economic hedge contract gains) totalling £20.4m (2012: £25.8m). |
| 2 | before exceptional items (restructuring, acquired intangible amortisation, other acquisition related costs, past service credit – UK pension scheme and financial instruments) totalling £20.0m (2012: £23.3m) and including economic hedge contract gains and losses totalling £2.8m (2012: £1.7m). |
| 3 | before the after tax net cost of exceptional items totalling £14.8m (2012: £18.6m). |
| 4 | the restatement above relates to the Group’s adoption of IAS19 (Revised) for which further information is given in note 1 of the condensed consolidated interim financial statements. |
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