IMI plc
Preliminary results, year ended 31 December 2013
| Adjusted1 | Statutory | ||||||||
| Continuing operations2: | 2013 | 2012 | Change | 2013 | 2012 | Change | |||
| Revenue | £1,744m | £1,696m | +3% | £1,743m | £1,694m | +3% | |||
| Operating profit | £321.6m | £300.1m | +7% | £270.5m | £249.4m | +8% | |||
| Operating margin | 18.4% | 17.7% | +70bps | ||||||
| Profit before tax | £297.7m | £274.8m | +8% | £249.3m | £229.9m | +8% | |||
| Basic EPS | 72.6p | 64.7p | +12% | 60.4p | 53.9p | +12% | |||
| Dividend per share | 35.3p | 32.5p | +9% | ||||||
| Operating cash flow | £344.9m | £297.5m | +16% | ||||||
| Net debt | £199m | £144m | |||||||
1. Excluding the effect of items reported as exceptional in the Income Statement.
2. All items are shown on a continuing operations basis except dividend per share, operating cash flow and net debt.
Highlights:
- Revenue up 3% to £1,744m
- Adjusted earnings per share up 12% to 72.6p
- Operating cash flow up 16% to £345m
- Recommended a 9% increase in the full year dividend
- Successful transition to new Chief Executive
- Disposal of Beverage Dispense and Merchandising businesses
- £620m of cash being returned to shareholders
- IMI now a focused specialist flow control business
Roberto Quarta, Chairman, commented:
"During 2013 we made significant progress in terms of our financial and strategic agendas. The Group delivered another strong set of results and, following the disposal of the Beverage Dispense and Merchandising divisions, IMI is now a specialist flow control company concentrated on industrial end markets."
Mark Selway, Chief Executive, added:
"As IMI moves into the next phase of its development I have initiated a review of all parts of the Group. While this review work is ongoing, positive early findings are already emerging. These findings, together with IMI's inherent strengths, including its robust balance sheet, indicate that the Group is well positioned to exploit a range of growth opportunities over the medium term.
"Looking at the year ahead: in 2014, based on current market conditions and excluding the adverse impact of exchange rates, we expect the Group to deliver modest organic revenue growth in the first half with margins slightly lower than in the first half of last year and an improved overall performance in the year."
A live webcast of the analyst meeting taking place today at 8:45am (GMT) will be available on the investor page of the Group's website: www.imiplc.com. The Group plans to release its Interim Management Statement on 8 May 2014 and its Interim Results on 1 August 2014.
Enquiries to:
| Will Shaw | IMI | Tel: +44 (0)121 717 3712 |
| Suzanne Bartch / Robert Morgan | StockWell Communications | Tel: +44 (0)20 7240 2486 |
To read the full press release in Acrobat PDF format please click here.