Our engineering expertise protects people and assets in extreme temperature and pressure environments. We help energy customers operate more cleanly and efficiently, enhancing plant performance and reducing greenhouse gas emissions, and are exploring new decarbonisation technologies to support the energy transition.
Market trends and our response
The energy ‘trilemma’ of sustainability, security and affordability is driving investment in energy infrastructure, including LNG, nuclear power, and combined-cycle gas power segments. While gas utilisation and reliance on fossil fuels is expected to continue, renewable energy technologies such as wind, solar, bioenergy and hydrogen are scaling up rapidly. Energy security and independence remain key themes given ongoing conflicts and geopolitical tensions around the world.
Renewables and alternative fuels are not being deployed quickly enough to meet energy demands. Therefore, customer reliance on oil and gas remains. We help our customers optimise their processes, enhance plant performance and extract oil and gas safely. While some renewable technologies are already cost-effective, new technologies will require the right regulatory environment and greater demand certainty. New technologies, such as small modular nuclear reactors, are being developed and are expected to move towards deployment later this decade.
We are evolving our portfolio to support the expected transition in energy markets and increasing our focus on renewable energy. We are developing our businesses in hydrogen, carbon capture, bioenergy and sustainable fuel markets.
Digitalisation is radically changing how we operate and is providing opportunities to create value for our customers.
Customer experience is being strengthened through new digital tools and better purchasing access for customers using our digital platforms. We have developed a new tailored pricing strategy and a chatbot to interact with customers on specific solutions, processes and product recommendations. In addition, our ‘Configure, Price, Quote’ (‘CPQ’) software tool enhances and accelerates the quotation process. Integrating CPQ with our Customer Relationship Management (‘CRM’) systems allows our sales teams to streamline the process of configuring products, price them accurately, and expedite quote proposals quickly.
We have strengthened our resources by appointing a Director of Data Analytics and are focusing on identifying gaps in customer coverage and areas where we can serve customers better. By analysing higher-quality data and investing in diagnostic tools and AI, we can gain a deeper insight into our activities and accelerate our growth. Through higher-quality asset data, we can improve how we support our customers with coverage and upgrade solutions. We are supporting customers with asset monitoring solutions to diagnose problems before they occur as part of a journey from preventative to predictive solutions. As part of this, we are ensuring that our systems and processes for protecting customer data adhere to new and emerging cybersecurity regulations.
Revenue
IMI growth target
Creating value in Energy
We are helping to reduce emissions in the oil and gas industry and exploring growth opportunities with new decarbonisation technologies.
Engineering a strategic partner’s fleet of the future
We’re using our deep expertise in producing the highest quality valves for extreme environments to power the next generation of surface ships and submarines.
Why Retrofit3D is delivering sustainability
IMI is at the forefront of valve innovation using additive manufacturing, creating opportunities for customers, new engineers and investors
2024 highlights
– 11% organic growth in aftermarket orders through customer partnerships and cuttingedge Growth Hub solutions. This included our Retrofit3D, EroSolve and InSyt businesses, which delivered combined orders of around £72m in 2024
– Footprint optimisation and supply chain initiatives have further improved operational performance
– £53m of IMI VIVO orders for green hydrogen electrolysers principally in mobility and process plant applications (trains, buses and shipping ports), up from £9m in 2023
– Record order book of £857m, up 13% on 2023, underpinning our confidence in further growth in 2025
– Acquisition of TWTG which adds to our digital asset monitoring capability and enhances customer safety. TWTG’s market-leading sensing technology is directly applicable to our customers and creates a significant opportunity to accelerate aftermarket growth
Priorities for 2025 and beyond
With our order book at record highs, our key priority for 2025 will be to deliver on our commitments whilst leveraging our product portfolio and applications expertise to create and sell even more innovative flow control products and solutions to our customers. In hydrogen, we will continue to invest in our capabilities and geographic coverage for electrolyser projects, as we shift from early pilot projects for universities and other research institutions to real-world mobility and industrial process applications.
We will continue to drive our use of technology, investing in AI tools and digitalisation to support our customers and drive Aftermarket growth. Integrating TWTG into our core activities will be a key part of this.
In M&A, we will pursue value-enhancing deals to add capability and support growth. Instrumentation is a particular area of focus, where we have a solid pipeline of opportunities. We continue to look for opportunities to diversify the portfolio by expanding further into faster-growing end market applications, such as biopharma processing.