13th May 2005 07:00
IMI PLC13 May 2005 13 May 2005 IMI plc Annual General Meeting CHAIRMAN'S STATEMENT IMI plc, the major international engineering group, is holding its 2005 AnnualGeneral Meeting at 12 noon today. At the meeting Jim Leng, Chairman, willcomment: "2004 was another year of solid progress, with profit before tax, goodwillamortisation and exceptional items at £155.4m being the highest ever made by theGroup, and adjusted earnings per share up 12% from 25.7p to 28.9p. As part of the ongoing capital management of the Group, we announced in Marchthat we would undertake an on-market share buy-back programme. To date we havepurchased 5 million shares at an average price of 404.5p and retain the sharesin treasury. We reported in March that we had provided certain confidential information to anumber of parties who had expressed an interest in acquiring Polypipe. Some ofthese parties have been invited to participate in more detailed discussions andan update will be given as appropriate in due course. The first four months of this year overall have been much as expected, withmainland Europe and the UK somewhat subdued but encouraging momentum elsewhere.Although there are some indications that general macro-economic conditions maybe less favourable our expectations for 2005 remain unchanged from thosecommunicated in March." In accordance with our usual practice, it is our intention to issue a tradingupdate on 30 June 2005, which will comment in more detail on current trading. For further information contact:IMI plcGraham Truscott, Communications Director Tel: 0121 717 3712 Weber Shandwick Square MileNick Oborne / Susanne Walker / Stephanie Badjonat Tel: 020 7067 0700 Information about IMI plc can be found on the website: www.imiplc.com Note to editors: IMI plc is an international engineering business specialising in innovativesolutions and services for a wide range of industrial and retail customers. Itsfuture growth is being built on the two business areas of Fluid Controls andRetail Dispense. IMI's operations in these two business areas share the following corecharacteristics: strong market positions in growing markets; the ability to beclearly differentiated from their competitors through technological innovationor after-sales service; and the provision of 'added value' through bespokesolutions rather than a high manufacturing or material content. IMI is quoted on the London Stock Exchange and is capitalised at approximately£1.4bn. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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