IMI : Interim Results

Strong organic growth, margin improvement and cash delivery

Purpose-led strategy continuing to deliver growth

Full year guidance reconfirmed

Interim results, six months ended 30 June 2023

^{1 Excluding the effect of adjusting items as reported in the income statement. See Note 2 for definitions of alternative performance measures.
2 Adjusted operating cash flow, as described in Note 2 to the financial statements. Statutory measure is Cash generated from operations as shown on the cash flow statement.
3 After adjusting for acquisitions, disposals and exchange rates (see Note 3).}

Continued strong performance

• 12% sales growth, 17% adjusted profit before tax growth, 15% basic EPS growth
• Adjusted operating margin 140bps higher than H1 2022
• Statutory operating profit up 15%
• Statutory profit after tax up 16%
• Operating cash flow significantly higher
• Interim dividend increased by 10%
• Business structure aligning to key sectors

Roy Twite, Chief Executive, said:

"During the first half, we have made excellent progress with our purpose-led strategy, Breakthrough Engineering for a Better World. We are creating value for all our stakeholders by increasing customer intimacy, driving market-led innovation and reducing complexity. We continue to help our customers become safer, more sustainable and more productive. Our new business structure from July 2023 further aligns us to our key sectors and positions IMI to accelerate growth. In light of the success of our Better World strategy we have expanded our financial framework with through-cycle targets of 5% organic growth, a 20% adjusted operating margin and 90% cash conversion. In addition, as we grow the business through M&A, we expect return on invested capital to remain above 12%."

"Based on the strong first half result and current market conditions we expect 2023 full year adjusted EPS to be between 112p and 117p."

Enquiries

^{A live webcast of the analyst meeting taking place today at 08:00am (BST) will be available on the investor page of the Group's website: www.imiplc.com. The Group plans to release its next Interim Management Statement on 9 November 2023.}

To read the full press release in Acrobat PDF format please click here