IMI, a UK based engineering company, announced a surge in pretax profit and revenue for 2023 with positive outlook for future growth and improved margins. Key financial highlights and dividend announcement outlined along with future outlook for 2024.
IMI, a leading specialist engineering company based in the U.K., has announced a significant increase in pretax profit for the year 2023. The company's revenue saw a notable boost from organic growth, leading to a positive outlook for the upcoming year with expectations of continued growth and improved margins.
Pretax Profit: The pretax profit for 2023 stood at GBP302.4 million, a substantial rise from GBP285.4 million recorded in 2022.
Adjusted Pretax Profit: IMI's preferred metric, adjusted pretax profit, reached GBP387.4 million, surpassing the previous year's figure of GBP346.1 million.
Revenue: The company reported revenue of GBP2.2 billion, marking a significant increase from GBP2.05 billion in the previous year.
IMI has proposed a final dividend of 19.2 pence per share, indicating growth from the previous year's dividend of 17.4 pence. The total payout for the year is set at 28.3 pence per share, compared to 25.7 pence previously.
Looking ahead to 2024, IMI anticipates adjusted earnings per share to fall within the range of 120 pence to 126 pence. Chief Executive Roy Twite expressed confidence in the company's positioning, highlighting that a significant portion of sales now come from the aftermarket, ensuring resilience in the current market environment.
With sectors aligned to attractive growth markets and long-term global macroeconomic trends, IMI remains optimistic about its future prospects and ongoing success in the industry.
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