IMI lifts dividend as annual profits grow
IMI
1,816.00p
13:55 23/12/24
Engineering group IMI reported a rise in full-year profits and revenue on Friday and hiked its dividend as it said all three divisions had achieved organic revenue growth.
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In the year to the end of December 2022, adjusted pre-tax profit was 13% higher at £346m, while revenue was up 10% at £2bn. Operating profit grew 14% to £364m.
The dividend per share was lifted 8% to 25.7p and IMI said the order book was "resilient", up 14% during the year.
All three divisions - Precision Engineering, Critical Engineering and Hydronic Engineering - delivered increased organic revenue and adjusted operating margins in the year.
Chief executive Roy Twite said: "We continued to make significant progress in 2022, delivering our third consecutive year of profit and margin growth.
"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."