Reflecting a decision to reset dividend cover to a level that enables IMI to more effectively deliver on its long-term growth ambitions, the IMI PLC Board is recommending a final dividend of 15.0p (2019: 26.2p) making a total dividend for the year of 22.5p, a decrease versus last year's 41.1p.
Other financial highlights include:
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.
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.