The Lemon Fool

Preliminary results, year ended 31 December 2018

https://www.investegate.co.uk/imi-plc-- ... 00135143R/

Interim Results, six months ended 30 June 2019

https://www.investegate.co.uk/imi-plc/i ... 700027871G

Preliminary results, year ended 31 December 2020

Key points

§ Resilient organic revenue 4% lower than 2019.
§ Improved margins in all three divisions.
§ Strong adjusted operating cash flow, up 12%.
§ Structural rationalisation programmes delivering expected efficiency gains.
§ Final dividend of 15.0p reflects previously announced reset of earnings cover baseline.
§ Net debt / EBITDA improved to 0.8x (2019: 1.2x).
§ Cultural shift progressing well with increased resource dedicated to growth.
§ Strong customer and employee engagement throughout the Coronavirus pandemic.

https://www.investegate.co.uk/imi-plc/i ... 00064240Q/

First quarter trading update

Revenue & organic change £421m +7.7% +2.6%

Building on the progress achieved in 2020, the first quarter of 2021 has delivered another strong
performance with Group sales, margins, profits and operating cash flow all higher organically than the
same period in the prior year, and also higher organically when compared to the first quarter of 2019.
Group margins improved significantly in the first quarter, with all divisions improving. We have accelerated
restructuring activities and now expect full year benefits of c.£22m.

Outlook

We continue to execute on our strategy of increased customer intimacy and reduced complexity to deliver
consistent profitable growth and sustainably higher margins.
Following the strong performance in the first quarter across all three divisions and the improving trends in
our major end markets, we are increasing our guidance for 2021 full year adjusted EPS to 81p to 87p (from
75p to 82p). This guidance is based on current market conditions and includes the anticipated currency
headwinds versus 2020 due to the strengthening of Sterling, and reflects our current outstanding share
position for the full year, before any share buy-back activity.

Margin guidance increased

Given the accelerated progress against our strategy, including the identification of further opportunities for
profitable growth, we now have confidence that IMI will become a sustainable 18% to 20% margin
business over time. Our updated plans aim to deliver 20% through-cycle margins for IMI Precision, while
IMI Critical now sees sustainable 20% margins, and IMI Hydronic has 20%+ margin potential. This will be
achieved without compromising our investments for growth.

Planned share buy-back

Given the acceleration of performance across the businesses and our ongoing and robust cash generation,
the Board has determined that initiating a share buy-back is now appropriate. We are announcing today a
programme to buy-back shares to an approximate value of £200m. This will provide for a more efficient
balance sheet while still leaving ample capacity to continue investing in growth, whether organically or
through acquisition. This will also be accretive to the EPS guidance provided earlier in this statement.

2021 Interims: https://www.investegate.co.uk/imi-plc-- ... 00049814G/

Key points

� 8% organic sales growth, 24% organic adjusted operating profit growth

� Adjusted operating margin improved by 170bps in first half

� Increased revenue, profits and margins across all three divisions

� Growth Hub and Sprint Teams transforming our culture and delivering early orders

� �101m delivered to shareholders via dividends and buybacks

� Interim dividend increased by 5%

� FY 2021 guidance increased to adjusted EPS of 85p to 90p, including buyback impact

and

Based on the strong first half result and current market conditions we now expect 2021 full year adjusted EPS to be in the range of 85p to 90p. This guidance reflects our expected average share position in 2021 of approximately 268 million shares, resulting from the ongoing share buyback.

Dividend

The Board is recommending a 2021 interim dividend of 7.9p per share (2020: 7.5p per share). Payment will be made on 17 September 2021 to shareholders on the register at the close of business on 13 August 2021.

My best performing share with an IRR of 44.7% since first bought in 2009 at 265p. Note that last year the reinstated Final from 2019 was paid at the same time as the Interim, The final was then reduced from 26.2p to 15p. That EPS suggests that it might be increased somewhat.

TJH

Preliminary results, year ended 31 December 2022

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%

https://www.investegate.co.uk/imi-plc/i ... 700047424R

Final Results 2023

https://www.investegate.co.uk/announcem ... ts/8064948

Key points

·     	7% sales growth, 12% adjusted profit before tax growth

·     	Adjusted basic earnings per share 11% higher than 2022

·     	Complexity reduction programme delivered £20m of incremental benefits

·     	Adjusted operating margin up 90bps to 18.7%

·     	Statutory profit before tax increased by 6%

·     	Significant growth in operating cash flow to £366m

·     	Return on invested capital increased to 13.1%

·     	Record Process Automation order book provides momentum into 2024

·     	Proposed final dividend of 19.2p, increased by 10%

·     	Unified IMI under one brand

and

The Board is recommending a 2023 final dividend of 19.2p per share (2022: 17.4p per share). Payment will be made on 17 May 2024 to shareholders on the register at the close of business on 5 April 2024.

My best performing share with an IRR of 42%, having first bought in 2009 at 265p, with a starting yield of 7.8%.

TJH