IMI plc Interim Financial Report
IMI plc, the global engineering group, today announces its interim results for the six months ended 30 June 2012.
| Six months ended 30 June |
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| Continuing operations: | 2012 | 2011 | change | ||
| Revenue | £1,090m | £1,032m | +6% | ||
| Segmental operating profit1 | £180.9m | £176.4m | +3% | ||
| Segmental operating margin | 16.6% | 17.0% | |||
| Adjusted profit before tax2 | £177.7m | £171.3m | +4% | ||
| As reported: | |||||
| Operating profit | £155.1m | £148.3m | +5% | ||
| Profit before tax | £154.4m | £144.3m | +7% | ||
| Adjusted basic earnings per share3 | 40.4p | 37.9p | +7% | ||
| Basic earnings per share | 34.5p | 31.9p | +8% | ||
| Interim dividend | 11.8p | 11.0p | +7% | ||
Roberto Quarta, Chairman of IMI commented:
“The Group has delivered a good set of results in the first half of the year with organic revenue growth of 5%, underlying earnings growth of 7% and a dividend increase of 7%. Whilst the pace of revenue growth is likely to slow in the second half, given in particular the weakening economic conditions in Europe, we still expect to make further progress in the remainder of the year.
Notwithstanding the macroeconomic uncertainty, we continue to make good progress with the strategic development of the Group, with increased investment in new products and emerging markets, and ongoing utilisation of a strong balance sheet in securing further value-enhancing acquisitions.”
| 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 £25.8m (2011: £28.1m). |
| 2 | before exceptional items (restructuring, acquired intangible amortisation, other acquisition-related costs, past service credit – UK pension scheme and financial instruments) totalling £23.3m (2011: £27.0m) and including economic hedge contract gains and losses totalling £1.7m (2011: £0.8m). |
| 3 | before the after tax net cost of exceptional items totalling £18.6m (2011: £19.0m). |
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