LONDON (dpa-AFX) - Specialist engineering company IMI PLC (IMI.L) reported Friday that its first-half profit before tax grew 17 percent to 163 million pounds from last year's 139 million pounds.
Basic earnings per share were 48.2 pence, up 14 percent from last year's 42.2 pence.
Adjusted profit before tax was 187 million pounds, compared to 180 million pounds last year. Adjusted basic earnings per share 54.7 pence, compared to 54.0 pence last year.
Revenue grew 1 percent to 1.10 billion pounds from last year's 1.08 billion pounds. Organic revenue growth was 5 percent.
Further, the company announced a 100 million pounds share buyback programme and a 10 percent increase to the interim dividend.
The Board has recommended a 2024 interim dividend of 10.0 pence per share, higher than last year's 9.1p per share. Payment will be made on September 16 to shareholders on the register at the close of business on August 9.
Based on current market conditions, the company continues to expect that full year adjusted basic earnings per share will be between 120p to 126p.
Separately, IMI announced that Group CFO Daniel Shook has decided to step down from the IMI plc Board in 2025 for family reasons after nearly 10 years with IMI. Shook's leaving date is to be confirmed but will be no earlier than May 2025.
The company will now be starting a process to find his successor.
Further, the company said Jackie Hu is appointed Chief Operating Officer, a new role with responsibility for all five sectors.
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