27th Feb 2015 07:46
LONDON (Alliance News) - Engineering company IMI PLC on Friday reported a slight fall in pretax profit in 2014 amid lower revenue as the group was hit by the strength of sterling and by what it called challenging economic conditions in key markets.
Pretax profit fell to GBP246 million from GBP249 million as revenue for the year fell to GBP1.69 billion from GBP1.74 billion in 2013. Including exceptional items, notably the sale of non-core businesses over the year, total profit for the year rose to GBP671 million from GBP227 million.
The group's results were held back by the strength of sterling, which took a GBP96 million bite out of its revenue and a GBP18 million chunk out of its operating profit, and by a weaker European market in the second half.
But IMI hiked its dividend for the year to 37.6 pence from 35.3 pence last year. That includes a 7% increase to its final dividend to 24 pence from 22.5 pence.
"Despite challenging economic and market conditions in a number of our key sectors, we delivered results in line with expectations while at the same time making significant investment which will drive future growth. Our new strategic plan is now being executed across the group and I am pleased to report that we are already starting to see early signs of tangible benefits," said IMI Chief Executive Mark Selway.
By Sam Unsted; [email protected]; @SamUAtAlliance
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