TIDMIMI
RNS Number : 8401S
IMI PLC
09 November 2023
9 November 2023
Delivering sustainable, profitable growth
Full year adjusted EPS guidance increased to 114p - 118p
IMI, the specialist engineering company, issues the following
Interim Management Statement which covers results for the third
quarter from 1 July to 30 September 2023.
Roy Twite, Chief Executive, commented:
"We have made great progress delivering our purpose-led
strategy, Breakthrough Engineering for a better world, as we
continue to help our customers become safer, more sustainable and
more productive. Our portfolio is aligned to attractive growth
markets, and we are creating value for all our stakeholders through
a focus on customer satisfaction, market-led innovation and
complexity reduction."
"Based on current market conditions, we are upgrading our
adjusted EPS guidance for the full year to 114p to 118p."
Good growth and margin improvement
IMI delivered a good performance in the third quarter with Group
organic revenue up 3% compared to the same period last year and 5%
higher on an adjusted basis, with margins also improving. We
continue to reduce complexity, expand the aftermarket opportunity
in Automation and deliver further growth in our attractive end
markets.
Our restructuring programme remains on track to deliver GBP20m
of benefits for the full year, GBP13m of benefits in 2024 and GBP9m
in 2025, with no changes to expected delivery costs.
Continued momentum across key sectors
As previously announced, IMI adopted a new business structure
from July 2023. Reporting is now aligned across two platforms and
five sectors, as follows:
Automation
Process Automation (formerly IMI Critical Engineering) had
another excellent quarter, with strong order intake and continued
organic growth. Orders were up 15% organically, with a 24% increase
in Aftermarket. We have seen continued strength in LNG, Marine and
downstream Oil & Gas, with new products continuing to make a
major contribution to growth. Organic revenue was up 8% for the
third quarter and 13% year to date.
Industrial Automation (formerly IMI Precision Industrial
Automation including Rail) delivered a resilient performance
despite uncertain markets, with organic revenue in the third
quarter 1% higher than the same period last year. We see good
demand for solutions that automate processes in a competitive
labour market and have benefited from the continued investment in
reshoring, particularly in the USA.
Life Technology
Climate Control (formerly IMI Hydronic Engineering) revenue in
the third quarter was flat organically when compared to the prior
period. Whilst recent dynamics in the European construction market
did have an impact in the period, the sector continues to be
resilient due to retrofit demand for our products that improve
energy efficiency in buildings. Heatmiser continues to perform
strongly.
Life Science & Fluid Control (formerly IMI Precision Fluid
OEM) organic revenue in the third quarter was 13% lower than the
same period last year. As expected, we saw customer destocking and
reduced demand in the period and we expect this to continue into
the fourth quarter. The long-term fundamentals of the sector are
strong and we remain excited about the opportunities for
growth.
Transport (formerly IMI Precision Transportation excluding Rail)
organic revenue in the third quarter was 20% higher than the same
period last year. We continue to benefit from strong growth in
India and China.
Historical financial information
Following the announcement of its new operating model in July
2023, IMI has today separately published historical pro-forma
financial information reflecting the new sector aligned operating
model.
This unaudited pro-forma information is presented for 2022 and
2023 H1. There has been no change to previously reported Group
financial information.
Further information is available at
https://www.imiplc.com/investors/results-and-presentations/year/2023
.
Exchange rates
If average exchange rates as at 3 November 2023 of US$1.24 and
EUR1.15 remain constant for the remainder of the year, there would
be no impact on revenue and adjusted operating profit in the year
when compared to 2022.
Outlook
Based on current market conditions, we now e xpect 202 3 full
year adjusted EPS to be in the range of 114p to 118p .
Preliminary results
IMI looks forward to presenting its preliminary results
announcement for the year ending 31 December 2023 on 1 March
2024.
Enquiries
Tel: +44 (0)7866 148
Luke Grant IMI 374
Matt Denham Headland Tel: +44 (0)7551 825
496
A conference call for analysts and investors will be held a t
08:00 GMT today to discuss this statement. To access the call,
please register using the link:
https://www.netroadshow.com/events/login?show=e29033bb&confId=56590
Notes
IMI plc is a specialist engineering company operating in fluid
and motion control markets. We combine our deep engineering
knowledge with strong applications expertise to develop solutions
for the most acute industry problems. We help our customers become
safer, more sustainable and more productive. IMI employs around
10,000 people, has manufacturing facilities in 19 countries and
operates a global service network. The Company is listed on the
London Stock Exchange and is a constituent of the FTSE4Good Index.
Further information is available at www.imiplc.com .
References to adjusted figures reflect figures as reported to
management and do not include the impact of adjusting items.
References to organic changes are on a constant currency basis and
exclude disposals and acquisitions.
IMI plc is registered in England No. 714275. Its legal entity
identifier ('LEI') number is 2138002W9Q21PF751R30.
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END
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November 09, 2023 02:00 ET (07:00 GMT)
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