Business
Preliminary results, year ended 31 December 2018
Preliminary results, year ended 31 December 2018.
About this update from Imi Plc
[{"type":"text","content":"\n \nRNS Number : 5143R IMI PLC 01 March 2019 \n\n1 March 2019\nPreliminary results, year ended 31 December 2018 \n\n\n\n\n \n\n\nAdjusted1\n\n\nStatutory\n\n\n\n\nContinuing operations:\n\n\n2018\n\n\n2017\n\n\nChange\n\n\nOrganic4\n\n\n2018\n\n\n2017\n\n\nChange\n\n\n\n\nRevenue\n\n\n£1,907m\n\n\n£1,751m\n\n\n+9%\n\n\n+5%\n\n\n£1,907m\n\n\n£1,751m\n\n\n+9%\n\n\n\n\nSegmental operating profit\n\n\n£266m\n\n\n£241m\n\n\n+11%\n\n\n+9%\n\n\n£232m\n\n\n£193m\n\n\n+20%\n\n\n\n\nOperating margin\n\n\n14.0%\n\n\n13.8%\n\n\n+20bps\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nProfit before tax\n\n\n£251m\n\n\n£224m\n\n\n+12%\n\n\n \n\n\n£213m\n\n\n£181m\n\n\n+18%\n\n\n\n\nBasic EPS2\n\n\n73.2p\n\n\n65.3p\n\n\n+12%\n\n\n \n\n\n62.5p\n\n\n59.8p\n\n\n+5%\n\n\n\n\nOperating cash flow3\n\n\n£222m\n\n\n£218m\n\n\n+2%\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nDividend per share\n\n\n40.6p\n\n\n39.4p\n\n\n+3%\n\n\n \n\n\n40.6p\n\n\n39.4p\n\n\n+3%\n\n\n\n\nNet debt\n\n\n£405m\n\n\n£265m\n\n\n \n\n\n \n\n\n£405m\n\n\n£265m\n\n\n \n\n\n\n\n \n\n\n\n\n1 Excluding the effect of adjusting items as reported in the income statement.\n2 Statutory amounts for Basic EPS include both continuing and discontinued operations. \n3 Operating cash flow, as described in note 9 to the financial statements.\n4 Change shown after adjusting for exchange rates and excluding the impact of acquisitions and disposals (see note 1).\n\n\n\n\n \nKey points\n· Results ahead of market expectations\n· Good growth across all Precision Engineering verticals\n· Critical Engineering sales growth despite continued New Construction Power weakness\n· Hydronic Engineering margin recovery delivered\n· Bimba integration progressing well\n· Adjusted Basic EPS increased 12%\n· Further reduction of global pension liabilities \n· 3% increase in the full year dividend recommended\n· Roy Twite to succeed Mark Selway as Chief Executive\n \nLord Smith of Kelvin, Chairman, commented:\n\"2018 was another year of important progress. We delivered resul...