IMI PLC has released its interim results for the six months ended 30 June 2024, showcasing continued strategic progress, organic revenue and profit growth. The company reported a 1% increase in revenue to £1,098 million, with a 5% organic growth. Adjusted operating profit saw a 2% increase to £196 million, and a 6% organic growth. The operating margin increased by 10 basis points to 17.9%. Statutory operating profit also saw a significant increase of 19% to £177 million.
IMI's CEO, Roy Twite, expressed satisfaction with the company's performance, highlighting a 5% organic sales growth and a 6% organic adjusted operating profit growth, despite mixed end markets. The company announced a 10% increase in the interim dividend and a £100 million share buyback program. IMI also reconfirmed its full-year adjusted basic earnings per share guidance to be between 120p to 126p.
The company's financial performance was driven by a 5% organic revenue growth and a 6% organic adjusted operating profit growth. IMI's sectors, particularly Process Automation, showed strong performance with a 15% increase in revenue. The company's focus on helping customers become safer, more sustainable, and more productive has contributed to its strong performance.
IMI also announced the appointment of Jackie Hu as Chief Operating Officer, who will be responsible for driving the growth of all five sectors. Additionally, the company revealed that Daniel Shook, Group CFO, will be stepping down from the IMI plc Board in 2025 for family reasons, after nearly 10 years with the company.
The Board recommended a 2024 interim dividend of 10.0p per share, representing a 10% increase from the previous year. The dividend will be paid on 16 September 2024 to shareholders on the register at the close of business on 9 August 2024. IMI also announced a £100 million share buyback program, reflecting the strong trading result, projections for the full year, and the company's commitment to maintaining an efficient balance sheet.
IMI's interim results demonstrate the company's strong performance, strategic progress, and commitment to delivering value to its shareholders. The company's focus on organic growth, margin improvement, and disciplined capital allocation has contributed to its positive financial performance in the first half of 2024.