IMI plc (IMI) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everybody and welcome to IMI's 2025 interim results presentation. I am joined here as usual, but sadly for the last time by Dan Shook. I'd also like to extend a very warm welcome to Luke Grant, who many of you already know and is joining the presentation for the very first time. This slide covers the key messages in the presentation, and the first thing to say is that it was another good performance in the first half. We delivered 2% organic sales growth and 5% organic adjusted operating product growth. Adjusted operating margins were up another 30 basis points, and we delivered an outstanding £64 million of orders through our innovative growth hub. And I would like to express a personal thank you to everyone across IMI for their hard work and dedication during the first half. To deliver this performance amid the market uncertainty and to recover so quickly from the cyber incident reflects a tremendous effort from all of our people. I'm also pleased to report that the £200 million share buyback announced in February is now complete. and that we are once again raising the interim dividend by 10%, reflecting the continued confidence that we have in the business. With the completion of the buyback, we have now returned over £1 billion to shareholders since the start of 2019. The strategic review of transport is progressing. Our sector team is developing a detailed plan to accelerate improved financial returns and we continue to assess all strategic options. There is strong momentum in IMI heading into the second half, underpinned by a record order book in process automation, continued strong demand in climate, and improving trends and catch-up shipments in industrial automation, as well as supportive order books in both transport and life sciences and fluid...