IMI Reports 15% Rise in H1 Pretax Profit

IMI, the renowned engineer that recently rejoined the FTSE 100 index after a nine-year absence, has announced a pretax profit of £139 million ($177.9 million) for the first half of the year, marking a 15% increase compared to the same period last year.

The company's preferred metric, adjusted earnings per share, also experienced growth, rising to 54.0 pence from 47.1 pence. IMI remains confident in its full-year projections, stating that it anticipates adjusted earnings per share to fall between 112 pence and 117 pence.

With revenue for the half year reaching £1.08 billion, up from £972 million, IMI experienced growth across its divisions. Chief Executive Roy Twite expressed enthusiasm for the company's new business structure, set to be implemented in July 2023, which will further align IMI with key sectors and bolster growth prospects.

In addition to its financial success, IMI's board announced a dividend of 9.1 pence per share for the half year, an increase from the previous payout of 8.3 pence.