Third year of profit and margin improvement
Completed three strategic acquisitions in attractive growth markets
On track for sustainable, profitable growth and Group operating margin of 20%

Preliminary results, year ended 31 December 2022

 

 

Adjusted1

Statutory

 

2022

2021

Change

Organic3

2022

2021

Change

Revenue

£2,049m

£1,866m 

+10% 

+4%

£2,049m

£1,866m 

+10% 

Operating profit

£364m

£318m 

+14% 

+8%

£298m

£251m 

+19% 

Operating margin

17.8%

17.0% 

+80bps 

 

14.6%

13.4% 

+120bps 

Profit before tax

£346m

£307m 

+13% 

 

£285m

£245m 

+17% 

Basic EPS

105.5p

92.0p 

+15% 

 

87.6p

73.5p 

+19% 

Operating cash flow2

£290m

£274m 

+6% 

 

£336m

£327m 

+3% 

Dividend per share

25.7p

23.7p 

+8% 

 

25.7p

23.7p 

+8% 

Net debt: adjusted EBITDA

1.8x

1.5x 

 

 

 

 

 

1 Excluding the effect of adjusting items as reported in the income statement. See Note 1 for definitions of alternative performance measures.

2Adjusted operating cash flow, as described in Note 1 to the financial statements. Statutory measure is Cash generated from operations as shown on the cash flow statement.

3After adjusting for acquisitions, disposals and exchange rates (see Note 1).

Key points

  • 10% sales growth, 13% adjusted profit before tax growth 

  • Adjusted earnings per share 15% higher than 2021 

  • Adjusted operating margin up 80bps 

  • Statutory operating margin up 120bps 

  • Statutory profit before tax increased 17% 

  • Resilient order book up 14%, order book in IMI Critical Engineering up 18% 

  • £52m of Growth Hub orders, pipeline growing  

  • Completed three strategic acquisitions in attractive growth markets 

  • Record employee engagement scores, improved health & safety 

  • Proposed final dividend of 17.4p, increased by 10%

Roy Twite, Chief Executive, said: 

“We continued to make significant progress in 2022, delivering our third consecutive year of profit and margin growth. Our purpose-led strategy, Breakthrough Engineering for a better world, focuses on solutions that help our customers become safer, more sustainable and more productive. We are aligned to attractive growth markets and have a resilient portfolio that is supported by long-term global macroeconomic trends. This, combined with our continued focus on customer satisfaction, market-led innovation and complexity reduction is creating real value, with all three divisions increasing both revenues and margins in the year. We delivered £52m of Growth Hub orders and completed three acquisitions, each in attractive growth markets and aligned with our strategy.” 

“We remain confident in delivering sustainable profitable growth and a 20% Group operating margin through the cycle over time. Based on the strong 2022 results and current market conditions we expect 2023 full year adjusted EPS to be around 111p.” 

Enquiries to:

Luke Grant

IMI

Tel: +44 (0)7866 148 374

Stephen Malthouse 

Headland PR  

Tel: +44 (0)7734 956 201  

A live webcast of the analyst meeting taking place today at 8:15am (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 4 May 2023

To read the full press release in Acrobat PDF format please click here