IMI plc, the global engineering group, today announces its preliminary results for the year ended 31 December 2011.
| Financial highlights: | 2011 | 2010 | % change | ||
| Revenue | £2,131m | £1,911m | +12% | ||
| Segmental operating profit 1 | £374.1m | £319.7m | +17% | ||
| Segmental operating margin | 17.5% | 16.7% | |||
| Profit before tax | - adjusted 2 | £363.4m | £304.4m | +19% | |
| - as reported | £301.4m | £306.1m | -2% | ||
| Basic earnings per share | - adjusted 3 | 81.5p | 66.3p | +23% | |
| - as reported | 63.2p | 70.4p | -10% | ||
| Dividend | - Total for year | 30.0p | 26.0p | +15% | |
| Revenue, profit and earnings per share measures quoted above are based on continuing operations. | |||||
Roberto Quarta, Chairman of IMI, commented:
“IMI has delivered another strong set of results in 2011 with good growth and record underlying profits, margins and earnings. In light of this performance, and our confidence in the future prospects for the business, we are pleased to propose an increase in the full year dividend of 15%.
Whilst the global macro-economic outlook remains uncertain, we are committed to our well defined plans to drive strategic convergence, accelerate future growth, deliver further margin improvement and make greater use of our strong balance sheet in delivering value enhancing acquisitions.
Based on current market conditions we remain optimistic that the Group will make further progress in 2012.”
| 1 | before exceptional items (restructuring, acquired intangible amortisation, the reversal of economic hedge contract gains and in 2010 the UK employee benefit curtailment gain) totalling £59.9m (2010: £10.6m) |
| 2 | before exceptional items (restructuring, acquired intangible amortisation, financial instruments and in 2010 the UK employee benefit curtailment gain) totalling £62.0m (2010: £1.7m credit) and including economic hedge contract gains and losses totaling £4.1m (2010: £2.7m) |
| 3 | before the after tax cost of exceptional items totaling £57.9m (2010: profit of £0.5m) |
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