IMI sees higher earnings as 2023 profits jump 12%

1st Mar 2024 07:07

(Sharecast News) - Specialist engineer IMI on Friday reported a 12% jump in full-year profits and forecast higher earnings this year driven by a strong order book.

Pre-tax profit for the year to December 31 came in at £387m compared with £346m a year ago. The company now expects adjusted earnings of 120 - 126p a share.

Shareholders were rewarded with a 10% rise in the full-year dividend to 28.3p a share.

"This guidance reflects strong growth in our automation platform from the record order book in process automation and continued resiliency in our industrial automation sector as the competitive labour market drives investment," the company said.

"The life technology platform is expected to be broadly flat in the full year, reflecting continued demand for our energy efficient products in climate control, offset by softer performance in life science & fluid control and transport. We expect that life technology revenue will be down in the first half."

Reporting by Frank Prenesti for Sharecast.com