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(Sharecast News) - Full-year profits and revenue at IMI jumped, the engineer said on Friday, as it hailed positive market conditions.
In the year to the end of December 2021, pre-tax profit rose 12% to £307m, with revenues up 2% on the prior year at £1.9bn. The company declared a dividend of 23.7p a share, up 5%.
IMI said it benefited from positive market conditions within key business segments including Industrial Automation, Commercial Vehicle and Construction. In addition, new products are playing an increasing role in growth, with its Growth Hub and Sprint Teams well embedded across the company.
IM said it has experienced supply chain constraints for certain components as well as increased inflation but that this pressure remains "well managed", minimising the impact on service levels to its customers "and protecting financial returns".
Chief executive Roy Twite said: "In 2021 we have made excellent progress with our accelerated growth strategy through increasing customer intimacy, market-led innovation and reducing complexity.
"The Growth Hub and Sprint Teams continue to lead important cultural change, as well as increasing orders. We also completed the acquisition of Adaptas in the attractive Life Sciences market and concluded a £200m share buyback programme. In 2022, we expect further progress towards our ambition of sustainable profitable growth and group margins of 18% to 20%."
Based on the 2021 results and current market conditions, IMI expects 2022 full-year adjusted earnings per share to exceed 100p.
