Highlights
Revenue up 3% to £1,744m
Adjusted earnings per share up 12% to 72.6p
Operating cash flow up 16% to £345m
Recommended a 9% increase in the full year dividend
Successful transition to new Chief Executive
Disposal of Beverage Dispense and Merchandising businesses
£620m of cash being returned to shareholders
IMI now a focused specialist flow control business
Roberto Quarta, Chairman, commented:
"During 2013 we made significant progress in terms of our financial and strategic agendas. The Group delivered another strong set of results and, following the disposal of the Beverage Dispense and Merchandising divisions, IMI is now a specialist flow control company concentrated on industrial end markets."
Mark Selway, Chief Executive, added:
"As IMI moves into the next phase of its development I have initiated a review of all parts of the Group. While this review work is ongoing, positive early findings are already emerging. These findings, together with IMI's inherent strengths, including its robust balance sheet, indicate that the Group is well positioned to exploit a range of growth opportunities over the medium term.
"Looking at the year ahead: in 2014, based on current market conditions and excluding the adverse impact of exchange rates, we expect the Group to deliver modest organic revenue growth in the first half with margins slightly lower than in the first half of last year and an improved overall performance in the year."
