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(Sharecast News) - Engineering firm IMI delivered record profits in FY24, thanks to "good organic growth" and "strong cash generation".
IMI said on Friday that full-year revenues had grown 1% to 2.21bn, partly driven by "good demand" for its energy-saving climate control solutions, while operating margins improved by 100 basis points to 19.7% as margins improved in both of its platforms, reflecting strategic execution and strong pricing power.
As a result, pre-tax profits were up 8% to an all-time high of 419.0m and basic earnings per share increased 5% to 122.5p.
IMI recommended a final dividend of 21.1p per share and also said it would now launch a share buyback to repurchase a further 200.0m ordinary shares.
Looking forward, IMI said it expects FY25 to mark "another year of strong financial and strategic progress", with FY adjusted EPS pegged to be between 129.0p and 136.0p.
"We expect to deliver continued margin progression in 2025, supported by further growth and the final benefits from the complexity reduction programme. We will continue to identify and execute efficiencies to drive improvements, with any future restructuring charges for our current business taken into underlying operating profit," said IMI.
As of 0845 GMT, IMI shares were up 3.38% at 1,956.0p.
Reporting by Iain Gilbert at Sharecast.com
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