IMI PLC on Friday reported that its revenue and profit boosted as it made ‘excellent progress’ in its half year.

The Birmingham, England-based engineering firm said in its half year ended June 30 that revenue was up 12% to £1.08 billion, up from £972 million at the same point the year prior.

Pretax profit increased 17% to £180 million, up from £154 million the year before. The company said this reflected its purpose-led strategy ‘Breakthrough Engineering for a Better World’ which it said has allowed it to ‘generate strong growth in the order book and revenue’.

Chief Executive Roy Twite 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.’

Basic earnings per share were 54.0 pence, up from 47.1p year-on-year. Whilst operating cash flow increased 84% to £145 million, up from £79 million.

IMH declared an interim dividend of 9.1 pence per share, up from 8.1p per share the year before.

The company said based on its first half results that its guidance for financial 2023 adjusted earnings per share was unchanged at 112 pence to 117p. For 2022, the company had reported adjusted basic EPS of 105.5p, and adjusted diluted EPS of 105.0p.

‘This reflects around 3.0% business outperformance since our last update, offset by foreign exchange, which is now expected to lead to a full year headwind of 1.0%. Divisional guidance remains unchanged,’ said IMI.

Shares in IMI PLC were down 3.2% at 1,592.00 pence in London on Friday morning.

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