IMI plc
Preliminary results, year ended 31 December 2017
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|
Adjusted1 |
Statutory |
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|
Continuing operations: |
2017 |
2016 |
Change |
Organic4 |
2017 |
2016 |
Change |
|
Revenue |
£1,751m |
£1,649m |
+6% |
+0% |
£1,751m |
£1,657m |
+6% |
|
Operating profit |
£241m |
£228m |
+6% |
+0% |
£193m |
£188m |
+2% |
|
Operating margin |
13.8% |
13.8% |
+0bps |
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|
|
|
|
Profit before tax |
£224m |
£208m |
+8% |
|
£181m |
£165m |
+9% |
|
Basic EPS2 |
65.3p |
59.8p |
+9% |
|
59.8p |
48.3p |
+24% |
|
Operating cash flow3 |
£218m |
£246m |
-11% |
|
|
|
|
|
Dividend per share |
39.4p |
38.7p |
+2% |
|
|
|
|
|
Net debt |
£265m |
£283m |
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|
|
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1 Excluding the effect of adjusting items as reported in the income statement.
2 Statutory amounts for Basic EPS include both continuing and discontinued operations.
3 Operating cash flow, as described in note 9 to the financial statements.
4 Change shown after adjusting for exchange rates and excluding the impact of acquisitions and disposals.
Key points
- Results in-line with market expectations
- Continued good progress on strategic initiatives
- Good operating cash flow of £218m supported debt reduction
- Adjusted Basic EPS increased 9%
- Continued de-risking of global pension liabilities
- 2% increase in the full year dividend recommended
- Announced acquisition of Bimba
Lord Smith of Kelvin, Chairman, commented:
“We continued to progress our ambitious strategic initiatives despite mixed market conditions and delivered results in-line with expectations. Our focus remains resolute on building both competitive advantage and shareholder value by delivering great products and continuously improving our customer offering.”
“We have a strong balance sheet and inherently cash generative operations which provide the headroom to invest in organic development and appropriate acquisition opportunities as they arise. The acquisition of Bimba was a highlight in the year and provides the platform to accelerate IMI Precision Engineering’s growth in North America.”
Mark Selway, Chief Executive, added:
“2017 was another year of important progress for IMI. The combination of a growing pipeline of great new products and the continued drive to improve our operational performance is enhancing our competitiveness, the results from which will become increasingly evident as markets continue to recover.”
“In the first half of 2018 we expect organic revenues to be higher than the same period in 2017 with margins reflecting a modest improvement, supported by both rationalisation savings and improved market conditions in IMI Precision Engineering. Results for the full year will also reflect our normal second-half bias.”
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 08:30am (GMT) 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 3 May 2018.
To read the full press release in Acrobat PDF format please click here