REG - IMI PLC - Full Year Results
Today 07:00
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RNS Number : 5838V IMI PLC 06 March 2026
6 March 2026
Compounding earnings growth
£500m share buyback announced
Guiding to sixth consecutive year of mid-single digit organic revenue growth
Preliminary results, year ended 31 December 2025
Adjusted(1) Statutory
2025 2024 Change Organic(4) 2025 2024 Change
Revenue £2,304m £2,210m +4% +5% £2,304m £2,210m +4%
Operating profit £460m £436m +6% +8% £422m £356m +19%
Operating margin 20.0% 19.7% +30bps 18.3% 16.1% +220bps
Profit before tax £442m £419m +6% £419m £330m +27%
Basic EPS 132.3p 122.5p +8% 124.3p 96.0p +29%
Dividend per share 34.2p 31.1p +10% 34.2p 31.1p +10%
Free cash flow(2) £290m £263m +10%
Return on invested capital(3) 14.0% 13.4% +60bps
Net debt / EBITDA 1.0x 1.0x
(1 Excluding the effect of adjusting items as reported in the consolidated
income statement. See Note 1 for definitions of alternative performance
measures.)
(2 Free cash flow before corporate activity - dividends, M&A and share
buybacks.)
(3 Post-tax return on invested capital, as described in Note 1 to the
financial statements.)
(4 After adjusting for acquisitions, disposals and exchange rates (see Note
1).)
Highlights
· Another year of high-quality revenue and profit growth
o 5% organic sales growth and 8% organic adjusted operating profit growth
o Statutory revenue up 4%, statutory operating profit growth of 19%
o Adjusted basic earnings per share up 8%, 10% CAGR since growth strategy
launched in 2019
o Around 45% of revenue generated from the higher margin aftermarket
o Record £206m of Growth Hub orders, up 38% (2024: £149m)
· Automation revenue up 8% organically
o Excellent performance from Process Automation, Aftermarket orders up 11%
organically
o Resilient performance in Industrial Automation, despite uncertain markets
· Life Technology revenue up 1% organically
o Strong demand for energy-saving solutions in Climate Control
o Life Science & Fluid Control broadly flat as markets began to
stabilise
o Transport down in line with the global heavy duty truck market
· Continued margin expansion
o Adjusted operating margin up 30bps to 20.0%, expect further progress over
time
o Statutory operating margin up 220bps to 18.3%
· Return on invested capital increased by 60bps to 14.0%
· Disciplined approach to capital allocation creating significant
value for shareholders
o Free cash flow increased to £290m, despite record investment
o Net debt / adjusted EBITDA of 1.0x at the lower end of our 1x - 2x target
range
o Proposed 10% increase in final dividend to 23.2p
o £500m share buyback announced
Roy Twite, Chief Executive Officer, said:
"The execution of our growth strategy is creating significant value for
shareholders, and we delivered another strong performance in 2025. We have now
delivered five consecutive years of mid-single digit organic revenue growth
and expanded margins to meet our medium-term target of 20%+.
With our world-class engineering expertise and relentless focus on commercial
excellence, we are well placed to address our customers' needs for bespoke,
high value-add fluid and motion control solutions. Supported by our three
long-term megatrends - Energy, Automation and Healthcare - and our focus on
the attractive aftermarket, we are compounding earnings growth.
In line with our disciplined approach to capital allocation and commitment to
enhancing shareholder returns, we are proposing a 10% increase to the final
dividend and are pleased to be announcing a £500m share buyback programme.
Thanks to the hard work of all our people, we expect to deliver another year
of strong financial and strategic progress in 2026. We expect full year
adjusted basic EPS to be between 136p and 142p, representing our sixth
consecutive year of mid-single digit organic revenue growth."
Enquiries to:
Edward Hann IMI Tel: +44 (0)7977 354 810
Faeth Birch FGS Global Tel: +44 (0)7768 943 171
James Gray FGS Global Tel: +44 (0)7814 379 412
IMI-UK@fgsglobal.com (mailto:IMI-UK@fgsglobal.com)
A live webcast of the analyst meeting taking place today at 8:00am (GMT) will
be available on the investors page of IMI's website: www.imiplc.com. IMI plans
to release its next Trading Update on 12 May 2026.
Results overview
IMI delivered its fifth consecutive year of mid-single digit organic revenue
growth in 2025. Organic revenue grew by 5% and organic adjusted operating
profit increased by 8%. The adjusted operating margin increased by 30bps to
20.0% and the statutory operating margin increased by 220bps to 18.3%.
Statutory profit before tax increased by 27%.
Cash conversion was 96% (2024: 92%) with free cash flow before corporate
activity totalling £290m (2024: £263m) and IMI's return on invested capital
increased to 14.0% (2024: 13.4%). Our adjusted basic earnings per share
increased by 8% to 132.3p (2024: 122.5p).
£m Adjusted(1) Statutory
2025 2024 Change Organic(2) 2025 2024 Change
Revenue
Process Automation 1,006 906 +11% +12% 1,006 906 +11%
Industrial Automation 498 508 -2% -1% 498 508 -2%
Automation 1,504 1,414 +6% +8% 1,504 1,414 +6%
Climate Control 410 389 +5% +5% 410 389 +5%
Life Science & Fluid Control 232 236 -2% - 232 236 -2%
Transport 158 171 -8% -6% 158 171 -8%
Life Technology 800 796 +1% +1% 800 796 +1%
Total Revenue 2,304 2,210 +4% +5% 2,304 2,210 +4%
Operating profit
Automation 314 289 +9% +11% 301 241 +25%
Life Technology 146 146 - - 121 116 +5%
Total Operating Profit 460 436 +6% +8% 422 356 +19%
Operating margin 20.0% 19.7% +30bps 18.3% 16.1% +220bps
( )
(1 Excluding the effect of adjusting items as reported in the consolidated
income statement. See Note 1 for definitions of alternative performance
measures.)
(2 After adjusting for acquisitions, disposals and exchange rates (see Note
1).)
Enhancing shareholder returns
IMI is a highly cash generative business with a clear and disciplined approach
to capital allocation, prioritising investments that accelerate organic growth
and enhance shareholder returns.
We are committed to a progressive dividend and are pleased to be recommending
a 2025 final dividend of 23.2p per share (2024: 21.1p per share). Payment will
be made on 15 May 2026 to shareholders on the register at the close of
business on 7 April 2026.
We will also pursue bolt-on acquisitions that enhance our positions in
attractive, long-term growth markets. We have deployed over £400m in bolt-on
acquisitions across the last six years, whilst increasing our fully burdened
return on invested capital by 260bps. Whilst the pipeline of M&A
opportunities is strong, we are highly selective and acquisitions must deliver
returns in line with our strict financial criteria.
We are committed to maintaining an efficient balance sheet and will look to
return additional capital to shareholders and enhance returns should leverage
fall sustainably below our 1.0x-2.0x target range.
Given the strong performance in 2025, our outlook for 2026 and our commitments
to maintaining an efficient balance sheet and enhancing shareholder returns,
we are today announcing a £500m share buyback programme.
By deploying our growing free cash flow into organic growth opportunities,
attractive acquisitions and value enhancing share buybacks, we are confident
we can continue our track record of compounding adjusted EPS growth.
Outlook
Based on current market conditions, we anticipate delivering our sixth
consecutive year of mid-single digit organic revenue growth in 2026. We expect
full year adjusted basic EPS to be between 136p and 142p.
This guidance reflects good organic growth in our Automation platform,
supported by the record order book in Process Automation and continued
resilience in our Industrial Automation sector, which is expected to be flat
to modestly higher organically. The Life Technology platform is expected to
show modest organic growth, reflecting continued good demand in Climate
Control and stability within Life Science & Fluid Control. Transport is
expected to be broadly flat, in line with the global heavy duty truck market.
The adjusted operating margin is expected to be flat to slightly up in 2026,
with strong operating leverage offsetting the additional investments in cyber
security to enhance the resilience of our business, as previously
communicated.
Our guidance assumes that the disposal of Truflo Marine will complete in
mid-2026. We are assuming a net interest charge of £20m, that our tax rate
will increase to 26.3% and a weighted average number of shares of 238m
following a £500m share buyback. Foreign exchange rates are not currently
expected to have a material impact on sales or profits in 2026.
Strategic progress
Compounding profitable growth
IMI has been fundamentally transformed since our growth strategy was launched
in 2019. Adjusted basic earnings per share have grown at a 10% CAGR over this
period and we have now delivered our fifth consecutive year of mid-single
digit organic revenue growth.
Medium-term targets Delivered
Organic revenue growth 5% 5%*
Average 2021 - 2025
Adjusted operating margin 20%+ 20.0%*
Cash conversion 90%+ 96%*
Return on invested capital 12%+ 14.0%*
*2025 performance
We hold leading positions in attractive growth markets aligned to three
powerful megatrends - Energy, Automation and Healthcare. We are driving
market-led innovation through our outstanding Growth Hub culture and process,
generating a record £206m of new orders in 2025 (2024: £149m). All of this
is supported by our strategic focus on the resilient, higher-margin
aftermarket, which now represents around 45% of IMI's sales.
Our adjusted operating margin increased by a further 30bps to 20.0% in 2025
(2024: 19.7%) and is now 580bps higher than in 2019. The continued progress
reflects our strong operating leverage, our focus on the high-margin
aftermarket and the final benefits from our restructuring programme.
Cash conversion remained strong at 96% (2024: 92%) and we are committed to
deploying our growing free cash flows to accelerate growth and enhance
shareholder returns. Free cash flow improved to £290m in 2025 (2024: £263m)
and we are on track to deliver further improvements in cash generation over
the coming years.
Health and safety remains our top priority
We made further progress towards our ambition of an accident-free workplace in
2025. We are pleased to report that the Total Recordable Incident Frequency
Rate reduced to 0.28 (2024: 0.38).
One IMI operating model
Our One IMI operating model is the foundation of our growth and performance.
It is designed to deliver our financial framework consistently and
effectively. We hold leading positions in long-term growth markets, where
customers pay a premium for our applications engineering expertise in fluid
and motion control. By applying a consistent approach rooted in commercial
excellence, market-led innovation and continuous improvement, underpinned by
our performance culture, we are growing our business, expanding margins and
generating strong cash flows - creating significant value for our
shareholders.
Commercial excellence
Commercial excellence remains at the heart of our growth strategy. Our
innovative fluid and motion control solutions play a vital role in many of the
world's most critical processes. We have significantly improved customer
satisfaction scores and leverage these strong relationships to co-create
bespoke, high value-add solutions. Our products typically represent a small
part of the total system cost but can have a significant impact on the safety,
productivity, and efficiency of our customer's operations. This drives growth,
strong pricing power and attractive aftermarket revenue streams. All of this
is supported by the significant investments we have made in our people,
processes and operations.
Our investments in data and digital have played a key role in accelerating
growth in the high-margin aftermarket. Our Process Automation team actively
tracks over 200,000 severe service valves in our installed base via a
centralised database, which is being used to identify key aftermarket
opportunities and prioritise sales efforts. We estimate that this has
positively impacted our order intake by over £90m across the last three
years.
Market-led innovation
We have an outstanding culture of market-led innovation at IMI. Grounded in
deep customer insight and executed through our entrepreneurial Growth Hub
model, our innovations solve complex engineering challenges. Our teams utilise
a disciplined 'test and learn' approach to quickly validate solutions and
market potential. Through this process we maximise our return on investment by
bringing products to market once customer endorsement has been secured. We
launched Growth Hub across IMI in 2019, and in 2025 delivered £206m of
orders, up 38% on 2024.
We are particularly excited by the opportunity to support the rapid growth and
demand for data centres. Our fluid and motion control solutions can play a
critical role supporting energy efficiency and temperature control in data
centres, particularly for direct liquid cooling systems, and we are pleased to
have delivered £18m of data centre orders in 2025, more than doubling the
£7m won in 2024 with a growing pipeline of opportunities. The need for
stable, reliable energy to power data centres also presents a significant
opportunity for IMI, and we saw a 20% organic increase in conventional power
orders during 2025.
Continuous improvement
The restructuring programme launched in 2019 has materially strengthened our
competitive position and laid the foundations for growth. We have streamlined
our global footprint by consolidating or selling 20 sites. Transferring
manufacturing into our highest-performing facilities has driven step-change
improvements in customer satisfaction and operational efficiency. It has also
simplified our supply chains and supported the 580bps expansion in adjusted
operating margin since 2019.
Now our focus is on structured, relentless continuous improvement to sharpen
our competitive edge every day. An excellent example is within Industrial
Automation, where we win in highly customised applications and where a fast
response to customers is crucial. I am proud to report that our team in Brno,
Czechia, identified over 1,000 continuous improvement initiatives in 2025,
dramatically reducing lead times and improving customer satisfaction.
Restructuring costs associated with our current business are no longer
recorded within adjusting items.
Performance culture
Our people and culture are the foundation of the One IMI operating model. Over
the last six years we have focused on building capabilities, leadership and
embedding a performance-driven mindset. We are proud to employ the
best people at IMI and empower them to deliver growth.
We ensure our top talent regularly moves across the business, enabling us to
leverage best practice and develop the next generation of leaders. During
the year, Luke Grant, previously Vice President of Finance for Industrial
Automation, was appointed Chief Financial Officer and Tarak Chhaya, formerly
Regional President, APAC & India, for Industrial Automation, was appointed
its Sector President. Both appointments reflect the strength of our internal
talent pipeline and our commitment to developing leaders who deliver results
and inspire our people.
I am pleased to report that our investment in our people is being
recognised; employee engagement remains very high, with 79% of employees
recommending IMI as a great place to work (2024: 79%).
We were also very proud to be named Company of the Year at the plc awards
2025. This recognition reflects the strength of our people, our performance
culture and the success of our One IMI operating model in delivering
consistent growth and creating long-term value.
Proactive management
The Board and Executive Committee constantly evaluate all elements of our
business for value creation opportunities in the best interests of all our
stakeholders.
In May we announced the strategic review of our Transport sector. The sector
delivers high value solutions for commercial vehicles and represented 7% of
IMI's sales in 2025 (2024: 8%). The review is progressing, we are delivering
significant operational improvements and continue to assess all strategic
options.
In November we agreed the sale of our Truflo Marine business to Fairbanks
Morse Defense for an enterprise value of £225m. The sale of Truflo Marine, a
leading provider of mission-critical valves and actuators to naval submarine
programmes worldwide, further aligns IMI to the three powerful megatrends we
are focused on - Energy, Automation and Healthcare. This transaction remains
subject to regulatory and other approvals and is expected to complete in
mid-2026.
Roy Twite
Chief Executive Officer
5 March 2026
Financial review
Key highlights
Adjusted(1) Statutory
2025 2024 Change Organic(4) 2025 2024 Change
Revenue £2,304m £2,210m +4% +5% £2,304m £2,210m +4%
Operating profit £460m £436m +6% +8% £422m £356m +19%
Operating margin 20.0% 19.7% +30bps 18.3% 16.1% +220bps
Profit before tax £442m £419m +6% £419m £330m +27%
Basic EPS 132.3p 122.5p +8% 124.3p 96.0p +29%
Dividend per share 34.2p 31.1p +10% 34.2p 31.1p +10%
Free cash flow(2) £290m £263m +10%
Return on invested capital(3) 14.0% 13.4% +60bps
Net debt / EBITDA 1.0x 1.0x
(1 Excluding the effect of adjusting items as reported in the consolidated
income statement. See Note 1 for definitions of alternative performance
measures.)
(2 Free cash flow before corporate activity - dividends, M&A and share
buybacks.)
(3 Post-tax return on invested capital, as described in Note 1 to the
financial statements.)
(4 After adjusting for acquisitions, disposals and exchange rates (see Note
1).)
Certain alternative performance measures ('APMs') have been included within
this Press Release. These APMs are used by the Executive Committee to monitor
and manage performance, in order to ensure that the decisions taken align with
IMI's long-term interests. Movements in revenue and adjusted operating profit
are given on an organic basis (see definition in Note 1 to the financial
statements) so that assessment of performance is not distorted by
acquisitions, disposals and movements in exchange rates. Rationale for the use
of APMs, their definition, and a reconciliation of APMs to statutory measures
is included in Note 1 to the financial statements.
Strong financial performance
IMI delivered another strong financial performance in 2025, as revenue, profit
and adjusted operating margin all improved. Revenue increased by 4% to
£2,304m (2024: £2,210m). Organic revenue was 5% higher than 2024, after
adjusting for exchange rate movements and M&A activity in the prior year.
The exchange rate adjustment was negative £17m (2024: negative £66m).
Adjusted operating profit of £460m (2024: £436m) was 6% higher than last
year. On an organic basis, adjusted operating profit increased by 8%. The
adjusted operating margin increased to 20.0% (2024: 19.7%).
Statutory operating profit was £422m (2024: £356m), which increased by 19%.
IMI's statutory operating margin was 220bps higher than last year, largely
reflecting the strong trading result and the conclusion of the multi-year
restructuring programme.
Adjusted net financing costs on net borrowings increased to £15.8m (2024:
£14.8m), largely reflecting higher interest rates on refinanced debt and
includes the impact of £2.9m (2024: £2.8m) interest cost on leases. The
total adjusted net financial expense was £17.7m (2024: £16.7m) after
considering the net financial expense relating to defined benefit pension
schemes of £1.9m (2024: £1.9m). Statutory net finance costs decreased to
£3.9m in the year (2024: £25.8m), largely due to a £13.8m gain on the
revaluation of financial instruments and derivatives under IFRS 9 (2024:
£9.1m loss). See Note 3 for further details.
Adjusted net financing costs on borrowings were covered 35 times (2024: 36
times) by adjusted earnings before interest, tax, depreciation, amortisation,
impairment and adjusting items of £550m (2024: £526m).
Adjusted profit before taxation was £442m (2024: £419m), which was 6% higher
than 2024. Statutory profit before taxation increased 27% to £419m (2024:
£330m). The total statutory profit for the period after taxation was £310m
(2024: £249m).
Platform results
Automation
Automation specialises in the design and manufacture of fluid and motion
control solutions that enable a diverse range of industries, to operate more
efficiently, safely and sustainably. Our Process Automation sector supports
vital process and energy industries whilst Industrial Automation helps create
the smart, safe and sustainable factories, production lines and warehouse
operations of the future.
£m Adjusted(1) Statutory
2025 2024 Change Organic(2) 2025 2024 Change
Revenue
Process Automation 1,006 906 +11% +12% 1,006 906 +11%
Industrial Automation 498 508 -2% -1% 498 508 -2%
Total Revenue 1,504 1,414 +6% +8% 1,504 1,414 +6%
Operating profit 314 289 +9% +11% 301 241 +25%
Operating margin 20.9% 20.5% +40bps 20.0% 17.0% +300bps
( )
(1 Excluding the effect of adjusting items as reported in the consolidated
income statement. See Note 1 for definitions of alternative performance
measures.)
(2 After adjusting for acquisitions, disposals and exchange rates ()(see Note
1 to) (the financial statements).)
Process Automation (£m) 2025 2024 Change Organic(1)
Closing order book 875 857 +2%
Order intake:
Aftermarket 658 601 +9% +11%
New Construction 413 413 - -
Total order intake 1,071 1,014 +6% +7%
( )
(1 After adjusting for acquisitions, disposals and exchange rates (see Note 1
to the financial statements).)
Automation delivered strong organic revenue growth of 8%, with revenue also up
6% on a statutory basis after accounting for foreign exchange movements and
the impact of TWTG, acquired in October 2024.
Process Automation had an excellent year, with organic revenue 12% higher than
the prior period
and 11% higher on a statutory basis. Order intake was up 7% organically with
particular strength in Conventional Power and Nuclear as our innovative
solutions support the rapidly increasing demand for energy from data centres
and widespread electrification.
We made further progress in the high-margin Aftermarket, where orders
increased by 11% organically. New Construction orders were flat organically,
reflecting the one-off Marine order in the comparator. The Process Automation
order book at the year-end was 2% higher than the prior year.
Industrial Automation organic revenue was 1% lower than 2024, in line with
softer global industrial activity. Revenue was down 2% on a statutory basis.
Automation adjusted operating profit increased by 11% on an organic basis and
the adjusted operating margin improved by 40bps to 20.9%. Statutory operating
profit increased by 25% to £301m in the year.
We expect to deliver good growth in 2026, supported by the record order book
in Process Automation and continued resilience in Industrial Automation, which
is expected to be flat to modestly higher organically.
Life Technology
Life Technology develops fluid and motion control solutions that enhance and
improve the quality of life across three key sectors. Climate Control's
innovative solutions help customers optimise heating and cooling systems,
reduce energy consumption and improve building comfort. Life Science &
Fluid Control develops solutions that empower our Life Science customers to
improve patient-focused critical care and diagnose disease earlier and our
Fluid Control customers to accelerate the safety, reliability and performance
of everyday activities. Transport is at the heart of advancing commercial
vehicles and our cutting-edge technology helps manufacturers to radically
reduce emissions and improve vehicle safety.
£m Adjusted(1) Statutory
2025 2024 Change Organic(2) 2025 2024 Change
Revenue
Climate Control 410 389 +5% +5% 410 389 +5%
Life Science & Fluid Control 232 236 -2% - 232 236 -2%
Transport 158 171 -8% -6% 158 171 -8%
Total Revenue 800 796 +1% +1% 800 796 +1%
Operating profit 146 146 - - 121 116 +5%
Operating margin 18.2% 18.4% -20bps 15.2% 14.5% +70bps
( )
(1 Excluding the effect of adjusting items as reported in the consolidated
income statement. See Note 1 for definitions of alternative performance
measures.)
(2 After adjusting for acquisitions, disposals and exchange rates (see Note 1
to the financial statements).)
Life Technology delivered another resilient performance, despite some
uncertain markets. Revenue was up 1% organically and also up 1% on a statutory
basis after accounting for the impact of foreign exchange movements and the
disposal of a French subsidiary, Industrie Mecanique Pour Les Fluides SA, in
April 2024.
Climate Control organic revenue was 5% higher than the prior year as we saw
continued demand for our products that reduce energy consumption in buildings.
We also benefitted from our growing portfolio of smart connected products,
including those supporting advanced cooling technologies in data centres.
Statutory revenue was 5% higher than 2024.
Life Science & Fluid Control organic revenue was flat in 2025 as the
global life science device market began to stabilise. Statutory revenue was 2%
lower.
Transport organic revenue was 6% lower than 2024, in line with the global
heavy duty truck market. Statutory revenue was 8% lower than the prior
year.
Life Technology adjusted operating profit was flat on an organic basis and the
adjusted operating margin decreased by 20bps to 18.2%. Statutory operating
profit increased by 5% to £121m in the year.
We expect the Life Technology platform to show modest organic growth in 2026,
reflecting continued good demand in Climate Control and stability within Life
Science & Fluid Control. Transport is expected to be broadly flat, in line
with the global heavy duty truck market.
Adjusting items
£m 2025 2024
Reversal of net economic hedge contract gains (7) (2)
Response to cyber incident (27) -
Restructuring costs - (55)
Acquired intangible amortisation and other transaction items (29) (29)
Gains / (losses) on instruments measured at fair value through profit or loss 14 (9)
Gain on disposal of property 25 -
Gain on disposal of subsidiaries - 6
Tax in connection with the above adjusting items - 23
Other adjusting tax items 4 (3)
Total adjusting items (20) (69)
Adjusting items that are excluded from adjusted profit before tax are listed
below:
· Reversal of net economic hedge contract gains: For segmental
reporting purposes, changes in the fair value of economic hedges which are not
designated as hedges for accounting purposes, together with the gains and
losses on their settlement, are included in the revenues and adjusted
operating profit of the relevant business segment. The adjusting item reverses
this treatment at an operating profit level, leading to a loss of £7m (2024:
£2m loss).
· Response to cyber incident: As announced on 6 February 2025, IMI
experienced a cyber attack during the first quarter which temporarily impacted
certain operations. A £27m adjusting item has been recognised in the year for
matters including IT systems recovery, risk management, upgraded IT
infrastructure and advisory costs.
· Restructuring costs: Restructuring costs of £55m were incurred
in 2024. The programme has now concluded. Restructuring costs associated with
our current business are no longer recorded within adjusting items.
· Acquired intangible amortisation and other transaction items:
Acquired intangible amortisation is excluded from adjusted profits, to allow
for comparability of the performance across platforms. Acquired intangible
amortisation decreased to £26m (2024: £28m). Other transaction costs
increased to £3m (2024: £1m), predominantly reflecting the agreed sale of
Truflo Marine to Fairbanks Morse Defense.
· Losses / gains on instruments measured at fair value through
profit or loss: A gain arose on the revaluation of financial instruments and
derivatives under IFRS 9 of £14m (2024: £9m loss).
· Gain on disposal of property: IMI disposed of a property in
Rancho Santa Margarita, California, resulting in a gain on disposal of £25m.
· Gain on disposal of subsidiaries: IMI disposed of a French
subsidiary, Industrie Mecanique Pour Les Fluides SA, on 25 April 2024
resulting in a gain on disposal of £6m.
· Taxation: A £4m tax charge was recognised as an adjusting item
in connection with the transfer of businesses. In 2024, there was £5m charge
relating to the transfer of businesses, offset by a £23m credit associated
with the tax effect of other adjusting items and a £2m credit relating to the
release of a restructuring provision.
Taxation
The adjusted effective tax rate increased to 25.4% (2024: 24.3%), largely
reflecting a deferred tax benefit obtained in the prior year and the
non-repeat of favourable settlements. The total adjusted tax charge for the
year was £112m (2024: £102m) and the statutory effective tax rate was 25.9%
(2024: 24.8%). IMI seeks to manage its tax affairs within its core tax
principles of compliance, fairness, value and transparency, in accordance with
the IMI Corporate Tax Strategy which is available on IMI's corporate website.
Our guidance assumes that the adjusted effective tax rate will increase to
26.3% in 2026.
Adjusted basic earnings per share increased by 8%
The average number of shares in issue during the period was 249m (2024: 259m),
resulting in adjusted basic earnings per share of 132.3p (2024: 122.5p), an
increase of 8%. Statutory basic earnings per share increased by 29% at 124.3p
(2024: 96.0p) and statutory diluted earnings per share increased by 29% at
123.8p (2024: 95.6p).
Sale of Truflo Marine agreed
In November 2025 IMI entered into an agreement to sell its Truflo Marine
business to Fairbanks Morse Defense for an enterprise value of £225m. The
transaction is expected to complete in mid-2026.
Derisking the UK pension scheme
There was a £26m cash outflow in the first half of 2025 relating to a loan
made to the IMI 2014 Deferred Fund, the closed UK defined benefit pension
scheme. This loan was supporting the wind-up of the fund whilst the remaining
assets within the scheme matured. £18m of this loan was repaid during the
second half of 2025, supported by a £4m contribution to the scheme in
December. The loan was repaid in full in January 2026, with the buy-out of the
scheme completed in February 2026.
Dividend
The Board is recommending a 2025 final dividend of 23.2p per share (2024:
21.1p per share). Payment will be made on 15 May 2026 to shareholders on the
register at the close of business on 7 April 2026.
The last date to elect for the Dividend Reinvestment Plan ('DRIP') is 23 April
2026. The IMI DRIP is provided by Equiniti Financial Services Limited. The
DRIP enables the Company's shareholders to elect to have their cash dividend
payments used to purchase the Company's shares. More information can be found
at www.shareview.co.uk/info/drip.
Share buyback
Given the strong performance in 2025, our outlook for 2026 and our commitment
to maintaining an efficient balance sheet, we are pleased to announce a £500m
share buyback programme.
Maintaining continued cash discipline
Movement in net debt 2025 2024
£m £m
Adjusted EBITDA(1) 549.5 526.3
Working capital movements 2.5 (21.5)
Capital and development expenditure (98.6) (91.5)
Provisions and employee benefit movements(2) 3.2 (1.7)
Principal elements of lease payments (27.8) (28.6)
Other 11.4 18.8
Adjusted operating cash flow(3) 440.2 401.8
Adjusting items (32.2) (40.7)
Interest (15.8) (14.8)
Derivatives (2.6) 14.6
Tax paid (99.7) (97.9)
Free cash flow before corporate activity 289.9 263.0
Dividends paid to equity shareholders (80.6) (76.0)
Acquisition of subsidiaries - (18.2)
Disposal of subsidiaries - 17.5
Net (purchase) / issuance of own shares (200.1) (97.1)
Net cash flow (excluding debt movements) 9.2 89.2
Reconciliation of net cash to movement in net debt
Net increase in cash and cash equivalents excluding foreign exchange 9.1 37.4
Less: cash acquired / disposed - 1.8
Net repayment of borrowings excluding foreign exchange and net debt disposed / 0.1 50.0
acquired
Decrease in net debt before acquisitions, disposals and foreign exchange 9.2 89.2
Net cash acquired / disposed - (4.7)
Currency translation differences (0.3) (4.7)
Movement in lease liabilities 6.0 11.1
Movement in net debt in the year 14.9 90.9
Net debt at the start of the year(4) (547.7) (638.6)
Net debt at the end of the year(4) (532.8) (547.7)
(1 Adjusted profit after tax (£330.0m) before interest (£17.7m), tax
(£112.4m), depreciation (£70.2m), amortisation (£17.6m) and impairment
(£1.6m).)
(2 Movement in provisions and employee benefits as per the statement of cash
flows (£11.8m) adjusted for the movement in restructuring provisions
(£15.0m).)
(3 Adjusted operating cash flow is the cash generated from the operations
shown in the statement of cash flows, less cash spent acquiring property,
plant and equipment, non-acquired intangible assets and investments; plus cash
received from the sale of property, plant and equipment and the sale of
investments, excluding the cash impact of adjusting items; a reconciliation is
included in Note 9 to the financial statements.)
(4 Net debt as defined in Note 1 to the financial statements.)
Adjusted operating cash flow was £440m (2024: £402m). This represents a
conversion rate of total adjusted operating profit to adjusted operating cash
flow of 96% (2024: 92%). There was a £32m cash outflow from adjusting items
(2024: £41m outflow), including a £4m (2024: nil) outflow related to a
contribution made to the IMI 2014 Deferred Fund, the closed UK defined benefit
pension scheme, to support the wind-up of the fund.
Net working capital balances decreased by £3m, with a £31m reduction in
inventory offset by a £26m increase in receivables and a £2m reduction in
payables. The £22m increase in 2024 was due to a £43m increase in payables
offset by a £41m increase in receivables and a £24m increase in inventory.
Cash spent on property, plant and equipment and other non-acquired intangibles
in the year was £99m (2024: £92m), which was equivalent to 1.6 times (2024:
1.5 times) depreciation and amortisation thereon. IMI continues to deploy
capital to support growth and improve the efficiency of its operations,
including projects that support our net zero carbon target.
Research and development spend, including capitalised intangible development
costs of £7m (2024: £8m), totalled £72m (2024 restated - see Note 2:
£69m), representing 3.1% (2024 restated - see Note 2: 3.1%) of sales. IMI
continues to support investment in growth, with this spend focused on
delivering innovative new solutions. As this measure focuses primarily on the
efforts of the engineering function, it does not fully capture the
cross-functional support in Growth Hub initiatives - a significant further
investment alongside our research and development spend.
In 2025, IMI paid cash tax of £100m (2024: £98m), which was 92% (2024: 120%)
of the statutory tax charge for the year.
Free cash flow before corporate activity (dividends, M&A and share
buybacks) increased to £290m (2024: £263m).
Dividends paid to shareholders totalled £81m (2024: £76m) and there was a
cash outflow of £201m in relation to the share buyback programme (2024:
£100m outflow). In addition, there was a cash inflow of £1m associated with
the issue of share capital for employee share schemes (2024: £3m inflow).
Overall net debt reduced by £15m in 2025 (2024: £91m decrease).
Strong balance sheet offers strategic flexibility
Net debt at the year-end was £533m, compared to £548m at the end of 2024.
The reduction reflects the strong trading result, offset by the return of
capital to shareholders in the year. The net debt is composed of a cash
balance of £116m (2024: £148m), a bank overdraft of £44m (2024: £91m),
interest-bearing loans and borrowings of £522m (2024: £515m) and lease
liabilities of £83m (2024: £89m). Within these balances, cash and cash
equivalents of £4m (2024: nil) and lease liabilities of £5m (2024: nil) have
been classified as held for sale.
The year-end net debt to adjusted EBITDA ratio was 1.0 times (2024: 1.0
times). At the end of 2025, loan notes totalled £522m (2024: £515m), with a
weighted average maturity of 3.2 years (2024: 2.6 years), and other loans
including bank overdrafts totalled £44m (2024: £91m). Total committed bank
loan facilities available to IMI at the year-end were £300m (2024: £300m),
of which nil (2024: nil) was drawn.
At 31 December 2025, the value of IMI's intangible assets, including goodwill,
was £886m (2024: £925m). This includes £14m (2024: nil) classified as held
for sale.
The net book value of IMI's property, plant and equipment at 31 December 2025
was £335m (2024: £301m), of which £9m (2024: nil) has been classified as
held for sale. Capital expenditure on property, plant and equipment amounted
to £82m (2024: £75m), with the main capital expenditure focused on
production facility investment to support operational efficiency and growth.
Including capitalised intangible assets, total capital expenditure was £99m
(2024: £92m) and was 1.6 times (2024: 1.5 times) the depreciation and
amortisation charge (excluding acquired intangible amortisation and lease
asset depreciation) for the year of £60m (2024: £62m).
The net deficit for defined benefit obligations at 31 December 2025 was
£37.3m (2024: £47.4m deficit). The UK surplus was £0.3m (2024: £3.3m
deficit), with the liabilities fully bought-in during 2022. The buy-out of
these liabilities completed in February 2026. The deficit in the overseas
funds as at 31 December 2025 was £37.6m (2024: £44.1m deficit).
IMI plc (the parent company) had distributable reserves of £303m as at 31
December 2025 (2024: £304m) and £656m as at 5 March 2026.
Return on invested capital ('ROIC')
IMI uses ROIC as an indication of IMI's ability to deploy capital effectively.
IMI's fully burdened definition of ROIC is adjusted operating profit after tax
divided by average capital invested. Capital invested is defined as net assets
adjusted to remove net debt, restructuring provisions, derivative
assets/liabilities, defined pension position (net of deferred tax) and to
reverse historical impairments of goodwill and amortisation of acquired
intangibles.
ROIC was 14.0% in 2025 (2024: 13.4%), which increased by 60bps, reflecting the
strong trading performance.
Return on invested capital 2025 2024
£m £m
Adjusted operating profit 460.1 435.5
Notional tax charge (116.9) (105.8)
Net adjusted operating profit after tax 343.2 329.7
Net assets 1,109.1 1,085.1
Adjusted for:
Net debt 532.8 547.7
Restructuring provision 11.9 26.1
Net derivative assets/liabilities (7.0) 6.4
Net defined benefit pension deficit 37.3 47.4
Deferred tax on employee benefits (10.7) (13.0)
Previously written-off/impaired goodwill 346.9 346.9
Acquired intangibles amortisation 432.3 403.9
Closing capital invested 2,452.6 2,450.5
Opening capital invested 2,450.5 2,458.4
Average capital invested 2,451.6 2,454.5
Return on invested capital 14.0% 13.4%
Foreign exchange
The income statements of overseas operations are translated into Sterling at
average rates of exchange for the year, balance sheets are translated at
year-end rates. The most significant currencies are the Euro and the US Dollar
- the relevant rates of exchange were:
Average Rates Balance Sheet Rates
2025 2024 2025 2024
Euro 1.17 1.18 1.15 1.21
US Dollar 1.32 1.28 1.35 1.25
The movement in average exchange rates between 2024 and 2025 negatively
impacted both revenue and adjusted operating profit by 1% in the full year
when compared to 2024.
If exchange rates as at 13 February 2026 of €1.15 and US$1.37 were projected
for the full year and applied to our 2025 results, it is estimated that both
revenue and adjusted operating profit would be broadly neutral.
Treasury
IMI has a Treasury function that provides treasury services to IMI companies
including funding liquidity, credit, foreign exchange, interest rate and base
metal commodity management. The IMI Treasury function manages financial risks
in compliance with Board-approved policies.
Luke Grant
Chief Financial Officer
5 March 2026
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
2025 2024
Adjusted Adjusting items Statutory Adjusted Adjusting items Statutory
(Note 1) (Note 1)
Notes £m £m £m £m £m £m
Revenue 1 2,304 2,304 2,210 2,210
Cost of sales (1,210.6) (1,210.6) (1,165.4) (1,165.4)
Gross profit 1,093.4 1,093.4 1,044.6 1,044.6
Net operating costs (633.3) (37.7) (671.0) (609.1) (79.3) (688.4)
Operating profit 1 460.1 (37.7) 422.4 435.5 (79.3) 356.2
Financial income 3 12.3 12.3 9.7 9.7
Financial expense 3 (28.1) (28.1) (24.5) (24.5)
Gains / (losses) on instruments measured at fair value
value through profit or loss 13.8 13.8 (9.1) (9.1)
Net financial expense relating to
defined benefit pension schemes 8 (1.9) (1.9) (1.9) (1.9)
Net financial (expense) / income (17.7) 13.8 (3.9) (16.7) (9.1) (25.8)
Profit before tax 442.4 (23.9) 418.5 418.8 (88.4) 330.4
Taxation 4 (112.4) 3.8 (108.6) (101.8) 19.9 (81.9)
Profit after tax 330.0 (20.1) 309.9 317.0 (68.5) 248.5
Earnings per share 5
Basic - from profit for the year 124.3p 96.0p
Diluted - from profit for the year 123.8p 95.6p
All activities relate to continuing operations and are all attributable to the
owners of the Company.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
2025 2024
(Re-presented*)
£m £m £m £m
Profit for the year 309.9 248.5
Items that will not subsequently be reclassified to profit and loss
Remeasurement gain / (loss) on defined benefit pension plans 7.7 (1.5)
Related taxation (charge) / credit on items that will not subsequently be (1.2) 0.2
reclassified to profit and loss
Effect of taxation rate change on previously recognised items (0.7) -
5.8 (1.3)
Items that may be reclassified to profit and loss
(Loss) / gain arising on hedging instruments designated in hedges of the
net assets in foreign operation* (18.4) 31.7
Loss on exchange differences on translation of foreign operations* (2.8) (58.5)
Exchange differences reclassified to income statement on disposal of
operations - (0.3)
Related tax charge on items that may subsequently be reclassified
to profit and loss (1.2) (2.9)
(22.4) (30.0)
Other comprehensive loss for the year, net of taxation (16.6) (31.3)
Total comprehensive income for the year, net of taxation 293.3 217.2
Attributable to:
Equity holders of the parent 293.3 217.2
*'(Loss) / gain arising on hedging instruments designated in hedges of the net
assets in foreign operation' and 'Loss on exchange differences on translation
of foreign operations' have been re-presented in the prior year comparators to
reclassify and correct the accounting treatment in respect of net investment
hedges. Refer to Note 2 for further details.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
Share capital Share premium account Capital redemption reserve Translation reserve Retained earnings Total
Notes £m £m £m £m £m £m
As at 1 January 2024 78.6 17.0 177.6 11.0 746.0 1,030.2
Profit for the year 248.5 248.5
Other comprehensive expense (27.1) (1.5) (28.6)
excluding related taxation effect
Related taxation effect (2.9) 0.2 (2.7)
Total comprehensive (expense) / income (30.0) 247.2 217.2
Issue of share capital 0.1 1.3 1.4
Dividends paid 7 (76.0) (76.0)
Share-based payments (net of tax) 10.7 10.7
Cancellation of Treasury Shares (1.6) 1.6 -
Proceeds from employee share scheme trust 2.0 2.0
Share buyback programme (100.4) (100.4)
As at 31 December 2024 77.1 18.3 179.2 (19.0) 829.5 1,085.1
Changes in equity in 2025
Profit for the year 309.9 309.9
Other comprehensive (expense) / income (21.2) 7.7 (13.5)
excluding related taxation effect
Related taxation effect (1.2) (1.9) (3.1)
Total comprehensive (expense) / income (22.4) 315.7 293.3
Issue of share capital - 1.3 1.3
Dividends paid 7 (80.6) (80.6)
Share-based payments (net of tax) 11.4 11.4
Cancellation of Treasury Shares (2.9) 2.9 -
Share buyback programme (201.4) (201.4)
As at 31 December 2025 74.2 19.6 182.1 (41.4) 874.6 1,109.1
CONSOLIDATED BALANCE SHEET
FOR THE YEAR ENDED 31 DECEMBER 2025
Notes 2025 2024
£m £m
Assets
Goodwill 650.8 670.9
Other intangible assets 221.3 254.0
Property, plant and equipment 326.4 301.2
Right-of-use assets 79.1 87.6
Employee benefit assets 7.1 1.1
Deferred tax assets 31.0 24.2
Other receivables 1.7 2.1
Total non-current assets 1,317.4 1,341.1
Inventories 396.5 447.8
Trade and other receivables 562.3 540.2
Derivative financial assets 12.1 6.9
Current tax 13.9 4.5
Investments 2.5 2.2
Cash and cash equivalents 112.4 147.8
1,099.7 1,149.4
Assets classified as held for sale 13 63.0
Total current assets 1,162.7 1,149.4
Total assets 2,480.1 2,490.5
Liabilities
Trade and other payables (469.3) (495.9)
Bank overdraft (43.5) (91.0)
Interest-bearing loans and borrowings (92.6) (124.0)
Lease liabilities (23.8) (23.2)
Provisions (22.1) (34.7)
Current tax (77.0) (61.8)
Derivative financial liabilities (5.1) (13.3)
(733.4) (843.9)
Liabilities directly associated with assets classified as held for sale 13 (44.1)
Total current liabilities (777.5) (843.9)
Interest-bearing loans and borrowings (429.5) (391.4)
Lease liabilities (54.3) (65.9)
Employee benefit obligations (44.4) (48.5)
Provisions (7.8) (8.5)
Deferred tax liabilities (40.9) (33.7)
Other payables (16.6) (13.5)
Total non-current liabilities (593.5) (561.5)
Total liabilities (1,371.0) (1,405.4)
Net assets 1,109.1 1,085.1
Share capital 74.2 77.1
Share premium 19.6 18.3
Other reserves 140.7 160.2
Retained earnings 874.6 829.5
Total equity 1,109.1 1,085.1
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
2025 2024
Notes £m £m
Cash flows from operating activities
Operating profit for the year 422.4 356.2
Adjustments for:
Depreciation and amortisation 113.4 119.0
Impairment of property, plant and equipment and intangible assets 1.6 2.4
Profit on disposal of subsidiaries 12 - (6.3)
(Profit) / loss on sale of property, plant and equipment (24.9) 1.7
Equity-settled share-based payment expense 10.9 10.8
Decrease / (increase) in inventories 31.4 (24.1)
Decrease in trade and other receivables (26.3) (40.5)
(Decrease) / increase in trade and other payables (2.6) 43.1
(Decrease) / increase in provisions (13.5) 2.7
Increase in employee benefits 1.7 1.6
Additional pension scheme funding (4.0)
Settlement of transactional derivatives 4.9 2.9
Cash generated from operations 515.0 469.5
Income taxes paid 4 (99.7) (97.9)
Cash generated from operations after tax 415.3 371.6
Cash flows from investing activities
Interest received 3 12.3 9.7
UK pension loan* (8.0)
Proceeds from sale of property, plant and equipment 32.7 15.6
Settlement of effective net investment hedge derivatives (7.5) 11.7
Acquisitions of subsidiaries net of cash 11 - (17.7)
Acquisition of property, plant and equipment and non-acquired intangibles (98.6) (91.5)
Purchase of investments (0.4) (1.0)
Proceeds from disposal of subsidiaries net of cash 12 - 15.2
Net cash from investing activities (69.5) (58.0)
Cash flows from financing activities
Interest paid 3 (28.1) (24.5)
Adjustment for employee share scheme trust 2.0
Proceeds from the issue of share capital for employee share schemes 1.3 1.3
Share buyback (201.4) (100.4)
Drawdown of borrowings 9 130.2 -
Repayment of borrowings 9 (130.3) (50.0)
Principal elements of lease payments (27.8) (28.6)
Dividends paid to equity shareholders 7 (80.6) (76.0)
Net cash from financing activities (336.7) (276.2)
Net increase in cash and cash equivalents 9.1 37.4
Cash and cash equivalents at the start of the year 56.8 40.2
Effect of exchange rate fluctuations 6.5 (20.8)
Cash and cash equivalents at the end of the year 72.4 56.8
Reconciliation of cash and cash equivalents
Cash and cash equivalents 115.9 147.8
Bank overdraft (43.5) (91.0)
Cash and cash equivalents at the end of the period 72.4 56.8
*UK pension loan related to a loan made to the IMI 2014 Deferred Fund during
2025, the closed UK defined benefit pension scheme. The loan was repaid in
full in January 2026, with the buy-out of the scheme completed in February
2026.
Reconciliation of net cash to movement in net borrowings appears in Note 9.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. Segmental information
Segmental information is presented in the consolidated financial statements
for each of the Group's operating segments. The operating segment reporting
format reflects the Group's management and internal reporting structures and
represents the information that was presented to the chief operating
decision-maker, being the Executive Committee.
Automation
The Automation business leverages deep automation technology and applications
expertise to improve productivity, safety and sustainability in the Process
Automation and Industrial Automation sectors.
Life Technology
The Life Technology business focuses on technologies that enhance and improve
everyday life, particularly in the areas of health, sustainability and comfort
across the Climate Control, Transport and Life Science and Fluid Control
sectors.
Performance is measured by the Executive Committee based on adjusted operating
profit and organic revenue growth which are defined in the table below. These
two measures represent the two short-term key performance indicators for the
Group.
Businesses enter forward currency and metal contracts to provide economic
hedges against the impact on profitability of swings in exchange rates and
values in accordance with the Group's policy to minimise the risk of
volatility in revenues, costs and margins. Adjusted operating profits are
therefore charged / credited with the impact of these contracts. In accordance
with IFRS 9, these contracts do not meet the requirements for hedge accounting
and gains and losses are reversed out of operating profit and are recorded in
net financial income and expense for the purposes of the consolidated income
statement.
1. Segmental information (continued)
Alternative Performance Measures ('APMs')
Certain alternative performance measures ('APMs') have been included within
this announcement and discussed further in Note 6. These APMs are used by the
Executive Committee to monitor and manage the performance of the Group.
Movements in revenue and adjusted operating profit are given on an organic
basis (see definition below) so that performance is not distorted by
acquisitions, disposals and movements in exchange rates.
References to EPS, unless otherwise stated, relate to adjusted basic EPS i.e.
after adjustment for the per share after tax impact of adjusted items. The
directors' commentary discusses these alternative performance measures to
remove the effects of items of both income and expense that are considered
different in nature from the underlying trading and normal quantum and where
treatment as an adjusting item provides stakeholders with additional
information to assess period-on-period trading. The table below details the
definition of each APM and a reference to where it can be reconciled to the
equivalent statutory measure.
APM Definition Reconciliation to statutory measure
Adjusted profit before tax Adjusted profit before tax is statutory profit before tax before adjusting See consolidated income statement on page 17.
items as shown on the income statement.
See consolidated income statement on page 17.
Adjusted net interest cost is statutory net interest costs before adjusting
items as shown on the income statement.
Adjusted net interest cost
Adjusted earnings per share is defined within the table in Note 5. See Note 5.
The adjusted effective tax rate is the tax impact on adjusted profit before
tax divided by adjusted profit before tax.
Adjusted earnings per share
See Note 4.
This measure reflects adjusted profit after tax before interest, tax,
depreciation, amortisation and impairment.
Adjusted effective tax rate
See Note 9.
Adjusted EBITDA
Adjusted operating profit Adjusted operating profit is statutory operating profit before adjusted items
as shown on the income statement.
Adjusted operating margin is adjusted operating profit divided by revenue.
Adjusted operating margin
Adjusted net financing costs is interest received and interest paid including
the impact on interest costs on leases before gains on instruments measured at
fair value through profit or loss (other economic hedges) and net financial
Adjusted net financing costs income relating to defined benefit pension schemes. See consolidated income statement on page 17 and segmental reporting in Note
1.
These two measures remove the impact of adjusting items, acquisitions,
disposals and movements in exchange rates.
Organic revenue growth
Organic adjusted operating profit
Adjusted operating cash flow This measure reflects cash generated from operations as shown in the statement
of cash flows less cash spent acquiring property, plant and equipment,
non-acquired intangible assets and investments; plus cash received from the
sale of property, plant and equipment, the sale of investments less the
repayment of principal amounts of lease payments excluding the cash impact of See Note 9.
adjusting items.
1. Segmental information (continued)
APM Definition Reconciliation to statutory measure
Net debt Net debt is defined as the cash and cash equivalents, overdrafts, See Note 9.
interest-bearing loans and borrowings and lease liabilities.
Net debt divided by adjusted EBITDA as defined above.
Net debt: adjusted EBITDA
This measure is a sub-total in the reconciliation of adjusted EBITDA to net
debt and is presented to assist the reader to understand the nature of the
current year's cash flows excluding dividends, share buybacks and the purchase
Free cash flow before and issuance of own shares. See Note 9.
corporate activity
This measure takes adjusted operating profit after tax divided by average
capital invested. Capital invested is defined as net assets adjusted to remove
net debt, restructuring provisions, derivative assets and liabilities, defined
benefit pension
position (net of deferred tax) and to reverse historical impairments of
goodwill and amortisation of acquired intangible assets.
Return on invested capital (ROIC)
Cash conversion is the adjusted operating cash flow as a percentage of the
adjusted operating profit.
See page 15.
Cash conversion See page 13.
The following table shows a reconciliation of platform adjusted operating
profit to statutory operating profit.
Automation Life Technology Total
2025 2024 2025 2024 2025 2024
£m £m £m £m £m £m
Revenue 1,504 1,414 800 796 2,304 2,210
Adjusted operating profit 314.3 289.2 145.8 146.3 460.1 435.5
Adjusted operating profit margin 20.9% 20.5% 18.2% 18.4% 20.0% 19.7%
Reconciliation to statutory operating profit:
Reversal of net economic hedge contract gains (6.8) (0.2) (0.1) (1.8) (6.9) (2.0)
Restructuring costs (35.5) (19.2) (54.7)
Acquired intangible amortisation and other (11.7) (13.0) (14.8) (15.9) (26.5) (28.9)
acquisition costs
Costs associated with the sale of the Truflo Marine business (1.8) (1.8)
Gain on disposal of property 24.6 24.6
Response to cyber incident (17.7) (9.4) (27.1)
Gain on disposal of subsidiary - 6.3 6.3
Statutory operating profit 300.9 240.5 121.5 115.7 422.4 356.2
Statutory operating margin (%) 20.0% 17.0% 15.2% 14.5% 18.3% 16.1%
Net financial expense (3.9) (25.8)
Statutory profit before tax 418.5 330.4
1. Segmental information (continued)
The following table illustrates how revenue and adjusted operating profit have
been impacted by movements in foreign exchange, acquisitions and disposals
compared to 2024.
Year ended 31 December 2024 Year ended 31 December 2025
Revenue As adjusted Disposals Exchange Organic As adjusted Acquisitions Organic Adjusted growth (%) Organic growth (%)
Automation 1,414 (17) 1,397 1,504 (2) 1,502 6% 8%
Life Technology 796 (2) 794 800 800 0% 1%
Total 2,210 (2) (17) 2,191 2,304 (2) 2,302 4% 5%
Adjusted operating profit
Automation 289.2 (6.0) 283.2 314.3 1.4 315.7 9% 11%
Life Technology 146.3 (0.6) 0.4 146.1 145.8 145.8 0% 0%
Total 435.5 (0.6) (5.6) 429.3 460.1 1.4 461.5 6% 8%
Adjusted operating profit margin (%) 19.7% 19.6% 20.0% 20.0%
The following table shows a geographical analysis of how the Group's revenue
is derived by destination:
2025 2024
£m £m
UK 133 130
Germany 261 257
Italy* 73 46
Switzerland* 73 74
Rest of Europe 481 435
Total Europe 1,021 942
USA 522 520
Rest of Americas 141 137
Total Americas 663 657
China 198 180
Rest of Asia Pacific 250 277
Total Asia Pacific 448 457
Middle East & Africa 172 154
Total revenue 2,304 2,210
*Rest of Europe has been disaggregated further to separate Italy and
Switzerland, and to ensure comparability prior year comparators have been
re-presented.
1. Segmental information (continued)
The Group's revenue streams are disaggregated in the table below.
2025 2024
Revenue Revenue
£m £m
Industrial Automation 498 508
Aftermarket 597 545
New Construction 409 361
Process Automation 1,006 906
Automation 1,504 1,414
Climate Control 410 389
Life Science & Fluid Control 232 236
Transport 158 171
Life Technology 800 796
Total revenue 2,304 2,210
Sale of goods 2,225 2,127
Sale of services 79 83
Total revenue 2,304 2,210
2. Re-presentation
Statement of Comprehensive Income
Within the Statement of Comprehensive Income, funding revaluations related to
hedging instruments designated as hedges of the net assets of foreign
operations have been re-presented. These amounts are now shown within "Gain /
loss arising on hedging instruments designated in hedges of the net assets in
foreign operations", rather than within "Gain / loss on exchange differences
on translation of foreign operations." Prior‑year comparatives have been
re-presented accordingly, resulting in a reclassification of £16.2 million
between these line items.
In addition, the prior‑year comparative for "Gain / loss arising on hedging
instruments designated in hedges of the net assets in foreign operations" has
been corrected to include the gain / loss on settled derivatives. This
correction resulted in a further adjustment of £4.4 million between that line
item and "Gain / loss on exchange differences on translation of foreign
operations."
Research and Development
2024 Research and development expense has been restated to correct a prior
year misclassification.
3. Net financing income / expense
2025 2024
Interest Financial Total Interest Financial Total
Instruments Instruments
Recognised in the consolidated income statement £m £m £m £m £m £m
Interest income on bank deposits 12.3 12.3 9.7 9.7
Financial income 12.3 12.3 9.7 9.7
Interest expense on interest-bearing loans and borrowings (25.2) (25.2) (21.7) (21.7)
Interest expense on leases (2.9) (2.9) (2.8) (2.8)
Financial expense (28.1) (28.1) (24.5) (24.5)
Recognised in other comprehensive income
Gains / (losses) on instruments measured at fair value through profit or loss:
Other economic hedges 13.8 13.8 (9.1) (9.1)
Net financial expense relating to defined benefit pension schemes (1.9) (1.9) (1.9) (1.9)
Net financial (expense) / income (17.7) 13.8 (3.9) (16.7) (9.1) (25.8)
Included in financial instruments are current year trading gains and losses on
economically effective transactions which for management reporting purposes
are included in adjusted revenue and operating profit (see Note 1). For
statutory purposes, these are shown within net financial income and expense
above. Gains or losses for future year transactions are in respect of
financial instruments held by the Group to provide stability of future trading
cash flows.
4. Taxation
The tax charge before adjusting items is £112.4m (2024: £101.8m) which
equates to an adjusted effective tax rate of 25.4% (2024: 24.3%). The
statutory tax charge is £108.6m (2024: £81.9m) which equates to 25.9% (2024:
24.8%). Taxes of £99.7m were paid in the year (2024: £97.9m). The Group
seeks to manage its tax affairs within its core tax principles of compliance,
fairness, value and transparency, in accordance with the Group's Tax Policy.
The tax rates for 2025 include the estimated impact of the OECD Inclusive
Framework agreement for a global minimum corporate income tax rate of 15%, the
effect of which on IMI's results is minimal.
As IMI's head office and parent company are domiciled in the UK, the Group
references its effective tax rate to the UK corporation tax rate, despite only
a small portion of the Group's business being in the UK. The rate of
corporation tax in the UK in 2025 was 25% (2024: 25%). The Group's effective
tax rate differs slightly from the UK tax rate due to the Group's overseas
profits being taxed at different rates.
5. Earnings per ordinary share
2025 2024
Key million million
Weighted average number of shares for the purpose of basic earnings per share A 249.4 258.8
Dilutive effect of employee share options 0.9 1.1
Weighted average number of shares for the purpose of diluted earnings per B 250.3 259.9
share
£m £m
Statutory profit for the year C 309.9 248.5
Total adjusting item charges included in profit before tax 23.9 88.4
Total adjusting item credits included in taxation (3.8) (19.9)
Earnings for adjusted EPS D 330.0 317.0
Statutory EPS measures
Statutory basic EPS C/A 124.3p 96.0p
Statutory diluted EPS C/B 123.8p 95.6p
Adjusted EPS measures
Adjusted basic EPS D/A 132.3p 122.5p
Adjusted diluted EPS D/B 131.8p 122.0p
6. Adjusting items
Outlined below are the adjusting items impacting these Preliminary Financial
Statements:
Key Year to Year to
31 Dec 2025 31 Dec 2024
Recognised in arriving at operating profit
Reversal of net economic hedge contract gains (a) (6.9) (2.0)
Restructuring costs (b) (54.7)
Acquired intangible amortisation and other acquisition costs (c) (26.5) (28.9)
Costs associated with the sale of the Truflo Marine business (d) (1.8)
Gain on disposal of subsidiary (e) 6.3
Gain on disposal of property (f) 24.6
Response to cyber incident (g) (27.1)
(37.7) (79.3)
Recognised in net financial expense
Gains / (losses) on instruments measured at fair value through profit or loss (a) 13.8 (9.1)
Recognised in profit before tax (23.9) (88.4)
Recognised in taxation
Tax impact of adjusting items above (h) 0.3 23.3
Tax credit / (charge) in connection with transfer of businesses (h) 3.5 (5.0)
Change in uncertain tax positions (h) 1.6
3.8 19.9
Recognised in profit after tax (20.1) (68.5)
a) Reversal of net economic hedge contract losses/gains
For segmental reporting purposes, changes in the fair value of economic hedges
which are not designated as hedges for accounting purposes, together with the
gains and losses on their settlement, are included in the revenue and adjusted
operating profit of the relevant business segment. The adjusting items at the
operating costs level reverse this treatment. The financing adjusting items
reflect the change in value or settlement of these contracts with the
financial institutions with whom they were transacted.
6. Adjusting items (continued)
b) Restructuring costs
Following the completion of the complexity reduction programme in 2024,
restructuring costs are no longer recorded as adjusting items in 2025.
Restructuring costs of £54.7m were recognised in 2024. The Automation
platform incurred costs of £35.5m primarily related to the rationalisation of
three facilities and the creation of a COO structure to streamline and share
best practice across our sectors. The Life Technology platform incurred costs
of £19.2m related to the Customer First reorganisation project, which
transformed the structure into customer-led sectors (across a number of
businesses), the Focus for Growth project in Climate Control, to improve the
team's ability to implement operational strategies, creation of the COO
structure and the rationalisation of two facilities.
c) Acquired intangible amortisation and other acquisition / disposal
items
The acquired intangible amortisation charge was £25.6m (2024: £28.2m), which
largely relates to the amortisation of the intangible assets recognised on the
acquisition of Adaptas Solutions, Heatmiser UK Ltd and Bimba Manufacturing
Company. Other acquisition costs of £0.9m relates to the unwind of the
inventory fair value uplift adjustment for TWTG.
Other acquisition costs of £0.7m for the twelve months to 31 December 2024
related to the professional fees associated with the acquisition of TWTG.
d) Costs associated with the sale of the Truflo Marine business
In November, the Group announced the deal agreed with Fairbanks Morse Defense
to sell the Truflo Marine business for an enterprise value of £225m. The
transaction remains subject to certain regulatory and other approvals, with
expected completion during the first half of 2026. Costs associated with this
transaction incurred up to the year ended 31 December 2025, totalled £1.8m.
e) Gain on disposal of subsidiary
IMI disposed of a French subsidiary, Industrie Mecanique Pour Les Fluides SA,
on 25 April 2024 resulting in a gain on disposal of £6.3m during the year
ended 31 December 2024. Refer to Note 12 for further details.
f) Gain on disposal of property
The Group disposed of a property in Rancho Santa Margarita, California,
resulting in a gain on disposal of £24.6m.
g) Response to cyber incident
The Group has incurred £27.1m of costs during the year in relation to the
cyber-attack in February 2025, which predominantly related to IT systems
recovery, risk management, upgraded infrastructure and advisory costs.
h) Taxation
The tax effect of the above items has been recognised as an adjusting item and
amounts to £0.3m (2024: £23.3m). A £3.5m credit was also recognised as an
adjusting item in connection with the transfer of a business (2024: £5.0m
charge). During the year ended 31 December 2024, a credit of £1.6m was also
recorded as an adjusting item, relating to the release of a prior year
restructuring provision which was subsequently resolved.
7. Dividend
The directors recommend a final dividend of 23.2p per share (2024: 21.1p)
payable on 15 May 2026 to shareholders on the register at close of business on
7 April 2026, which will cost approximately £57.1m (2024: £53.9m). Together
with the interim dividend of 11.0p (2024: 10.0p) per share paid in September
2025, this makes a total distribution of 34.2p per share (2024: 31.1p per
share). In accordance with IAS10 'Events after the Balance Sheet date', this
final proposed dividend has not been reflected in the 31 December 2025 balance
sheet.
8. Employee Benefits
The Group has 70 (2024: 70) defined benefit pension plans in existence as at
31 December 2025. The Group recognises there is a funding and investment risk
inherent within defined benefit pension plans and seeks to continue its
programme of closing overseas defined benefit pension plans where possible and
providing in their place appropriate defined contribution pension plans.
The net deficit for defined benefit pension obligations at 31 December 2025
was £37.3m (2024: £47.4m). The UK surplus was £0.3m (2024: deficit of
£3.3m) and constituted 17% (2024: 66%) of the total defined benefit
liabilities and 20% (2024: 74%) of the total defined benefit assets. The
deficit in the overseas funds as at 31 December 2025 was £37.6m (2024:
£44.1m).
UK Germany Switzerland Other overseas Total
£m £m £m £m £m
Net defined benefit (obligation) / surplus at 1 January 2025 (3.3) (33.9) 0.3 (10.5) (47.4)
Movement recognised in:
Consolidated income statement (0.3) (2.8) (2.9) (1.2) (7.2)
Consolidated statement of comprehensive income (0.1) 1.5 6.4 (0.1) 7.7
Consolidated statement of cash flows 4.0 2.9 2.9 1.2 11.0
Foreign exchange (1.7) 0.1 0.2 (1.4)
Net defined benefit surplus / (obligation) at 31 December 2025 0.3 (34.0) 6.8 (10.4) (37.3)
9. Cash flow and net debt reconciliation
Reconciliation of net cash to movement in net debt 2025 2024
£m £m
Net increase in cash and cash equivalents excluding foreign exchange 9.1 37.4
Less: cash acquired / disposed 1.8
Drawdown of borrowings (130.2)
Repayment of borrowings 130.3 50.0
Decrease in net debt before acquisitions, disposals and foreign exchange 9.2 89.2
Net (debt) / cash acquired / disposed (4.7)
Currency translation differences (0.3) (4.7)
Movement in lease liabilities 6.0 11.1
Movement in net debt in the year 14.9 90.9
Net debt at the start of the year (547.7) (638.6)
Net debt at the end of the year (532.8) (547.7)
Movement in net debt 2025 2024
£m £m
Adjusted EBITDA* 549.5 526.3
Working capital movements 2.5 (21.5)
Capital and development expenditure (98.6) (91.5)
Provisions and employee benefit movements** 3.2 (1.7)
Principal elements of lease payments (27.8) (28.6)
Other 11.4 18.8
Adjusted operating cash flow *** 440.2 401.8
Adjusting items (32.2) (40.7)
Tax paid (99.7) (97.9)
Interest (15.8) (14.8)
Settlement of derivatives (2.6) 14.6
Free cash flow before corporate activity 289.9 263.0
Dividends paid to equity shareholders (80.6) (76.0)
Acquisition of subsidiaries (18.2)
Disposal of subsidiaries 17.5
Net purchase of own shares (200.1) (97.1)
Net cash flow (excluding debt movements) 9.2 89.2
*Adjusted profit after tax £330.0m (2014: £317.0m) before interest £17.7m
(2024: £16.7m), tax £112.4m (2024: £101.8m), depreciation £70.2m
(£71.0m), amortisation £17.6m (2024: £19.8m) and impairment £1.6m (2024:
nil)
**Movement in provisions and employee benefits as per the statement of cash
flows £11.8m (2024: £4.3m) adjusted for the movement in the restructuring
provision of £15.0m (2024: £6.0m).
***Adjusted operating cash flow is the cash generated from the operations
shown in the statement of cash flows less cash spent acquiring property, plant
and equipment, non-acquired intangible assets and investments; plus cash
received from the sale of property, plant and equipment and the sale of
investments, excluding the cash impact of adjusting items. This measure best
reflects the operating cash flows of the Group.
Reconciliation of adjusted operating cash flow to cash flow statement 2025 2024
£m £m
Cash generated from operations 515.0 469.5
Principal lease payments (27.8) (28.6)
Settlement of transactional derivatives (4.9) (2.9)
Acquisition of property, plant and equipment and non-acquired intangibles (98.6) (91.5)
Adjusting items 24.2 40.7
Proceeds from sale of property, plant and equipment 32.7 15.6
Purchase of investments (0.4) (1.0)
Adjusted operating cash flow 440.2 401.8
10. Exchange rates
The income statements of overseas operations are translated into Sterling at
average rates of exchange for the year, balance sheets are translated at year
end rates. The most significant currencies are the Euro and the US Dollar -
the relevant rates of exchange were:
Average Rates Balance Sheet Rates
2025 2024 2025 2024
Euro 1.17 1.18 1.15 1.21
US Dollar 1.32 1.28 1.35 1.25
The movement in average exchange rates between 2024 and 2025 negatively
impacted both revenue and adjusted operating profit by 1% in the full year
when compared to 2024.
If exchange rates as at 13 February 2026 of €1.15 and US$1.37 were projected
for the full year and applied to our 2025 results, it is estimated that both
revenue and adjusted operating profit would be broadly neutral..
11. Acquisitions
Acquisitions in 2024
On 31 October 2024 IMI acquired 100% of the share capital, and associated
voting rights, of TWTG Group B.V. (TWTG) for purchase consideration of
£18.2m. TWTG is a leader in smart connected asset monitoring solutions for
process industries based in Rotterdam, the Netherlands.
TWTG GROUP B.V. (TWTG)
Fair value at
31 October 2024
£m
Other intangible assets 9.5
Property, plant and equipment 0.1
Right-of-use assets 0.5
Inventories 2.2
Trade and other receivables 1.9
Cash and cash equivalents 0.5
Trade and other payables (1.6)
Interest-bearing loans and borrowings (2.9)
Lease liabilities (0.5)
Deferred taxation (2.2)
Total identified net assets at fair value 7.5
Goodwill arising on acquisition 10.7
Purchase consideration 18.2
This acquisition was accounted for as a business combination and the
accounting, including the purchase price allocation, was finalised during
2025. The goodwill recognised above includes certain intangible assets that
cannot be separately identified and measured due to their nature. This
includes control over the acquired business, the skills and experience of the
assembled workforce, the increase in scale, synergies and the future growth
opportunities that the business provides to IMI's operations.
Acquisition costs of £0.7m were recognised in the income statement in 2024.
12. Disposals
Disposals in 2024
The Group disposed of its French subsidiary, Industrie Mecanique Pour Les
Fluides SA, on 25 April 2024 for proceeds of £18.5m resulting in a gain on
disposal for the Group of £6.3m after disposing of £11.5m of net assets and
incurring £1.0m of associated disposal costs, partly offset by recycling a
foreign exchange gain from reserves of £0.3m.
This disposal is not disclosed as a discontinued item because it did not
represent a separate major line of business.
13. Assets held for sale
On 24 November 2025, IMI announced that it had entered into an agreement to
sell its Truflo Marine business to Fairbanks Morse Defense for an enterprise
value of £225m. The major classes of assets and liabilities of the Truflo
Marine business classified as held for sale as at 31 December are as follows:
2025
£m
Assets
Goodwill 13.6
Other intangible assets 0.2
Property, plant and equipment 8.4
Right-of-use assets 4.2
Inventories 22.9
Trade and other receivables 10.2
Cash and cash equivalents 3.5
Assets held for sale 63.0
Liabilities
Trade and other payables (35.9)
Lease liabilities (5.0)
Current tax (1.9)
Deferred tax liability (1.3)
Liabilities directly associated with assets held for sale (44.1)
Net assets directly associated with disposal group 18.9
14. Financial information
The preliminary statement of results was approved by the Board on 5 March
2026. The financial information set out above does not constitute the
Company's statutory accounts for the years ended 31 December 2025 or 2024 but
is derived from the 2025 accounts, which are prepared on the same basis as the
2024 accounts. Statutory accounts for 2024 have been delivered to the
registrar of companies and those for 2025 will be delivered in due course.
Deloitte LLP has reported on the 2025 and 2024 accounts. Their reports were
(i) unqualified, (ii) did not include references to any matters to which the
auditor drew attention by way of emphasis without qualifying its reports and
(iii) did not contain statements under section S498(2) or S498(3) of the
Companies Act 2006.
This announcement may contain forward-looking statements that may or may not
prove accurate. For example, statements regarding expected revenue growth and
operating margins, market trends and our product pipeline are forward-looking
statements. It is believed that the expectations reflected in these statements
are reasonable, but they may be affected by a number of risks and
uncertainties that are inherent in any forward-looking statement which could
cause actual results to differ materially from those currently anticipated.
Any forward-looking statement is made in good faith and based on information
available to IMI plc as of the date of the preparation of this announcement.
All written or oral forward-looking statements attributable to IMI plc are
qualified by this caution. IMI plc does not undertake any obligation to update
or revise any forward-looking statement to reflect any change in circumstances
or in IMI plc's expectations. Nothing in this preliminary announcement should
be construed as a profit forecast.
This preliminary statement has been prepared for the Group as a whole and
therefore gives greater emphasis to those matters which are significant to IMI
plc and its subsidiaries when viewed as a whole.
References in the commentary to revenue, adjusted operating profit and
adjusted operating margins, unless otherwise stated, relate to amounts on an
adjusted basis before adjusting items as noted on the face of the consolidated
income statement.
References to EPS, unless otherwise stated, relate to adjusted basic EPS i.e.
after adjustment for the per share after tax impact of adjusting items in Note
6.
14. Financial information continued
Alternative Performance Measures ('APMs') are used in discussions with the
investment analyst community and by the Board and management to monitor the
trading performance of the Group. We consider that the presentation of APMs
helps users assess period-on-period trading performance of the Group. The APMs
presented in the Annual Report to 31 December 2025 are defined in Note 1.
References to organic growth exclude the impact of exchange rate translation
and acquisitions or disposals that are included in adjusted growth figures.
The organic growth is derived from excluding any contribution from acquired
businesses to revenues or profits in the current period until the first
anniversary of their acquisition. It also excludes the contribution to
revenues or profits in both the current and comparative period from any
business that has been disposed of. These organic revenues or profits will
then be compared to the organic revenue or profits for the prior period after
their re-translation at the current period average exchange rates to provide
the organic growth rate. The impact on revenue and adjusted operating profit
of movements in foreign exchange, acquisitions and disposals is set out in
Note 1.
IMI plc is registered in England No. 714275. Its legal entity identifier
('LEI') number is 2138002W9Q21PF751R30. The person responsible for releasing
this announcement on behalf of the Board is Louise Waldek, Chief Legal Officer
and Company Secretary.
The Company's 2025 Annual Report and Notice of the forthcoming Annual General
Meeting will be posted to shareholders on 31 March 2026.
Cautionary Statement
This Press Release contains statements that are, or may be deemed to be,
"forward-looking statements". Forward-looking statements indicate IMI plc and
its subsidiaries ("IMI") current expectations and projections about future
events and, by their nature, involve risk and uncertainty because they relate
to events and depend on circumstances that may or may not occur in the future.
Forward-looking statements can often be identified by the use of
forward-looking terminology including, without limitation, words such as
"aim", "ambition", "anticipate", "believe", "expect", "intend", "may", "plan",
"project", "seek", "should", "will", "estimate", "target", "outlook" and
similar expressions (or the negative of such expressions). These statements
include, without limitation, statements regarding IMI's strategy, plans and
objectives, expected revenue growth and operating margins, market trends,
opportunities, and product development. Although IMI believes that the
expectations reflected in these forward-looking statements are reasonable, no
assurance can be given that they will prove to be correct. Forward-looking
statements are based on assumptions and on information available to IMI at the
date of approval of this Press Release. Actual results, performance or
achievements may differ materially from those expressed or implied by these
statements due to a number of factors, risks and uncertainties, many of which
are outside the control of IMI. These factors include those described in the
Principal Risks and Uncertainties section of IMI's latest Annual Report (and
in other announcements and presentations published by IMI from time to time).
Forward-looking statements speak only as at the date they are made. Readers
are cautioned not to place undue reliance on forward-looking statements.
Nothing in this Press Release should be construed as a profit forecast. All
guidance, outlooks, ambitions, and expectations contained in this Press
Release should be read together with any specific guidance, basis of
preparation, or assumptions contained or referred to therein. Other than as
required by applicable law or regulation (including under the Market Abuse
Regulation, the UK Listing Rules and the Disclosure and Transparency Rules of
the Financial Conduct Authority), IMI undertakes no obligation to update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise. The reader should, however, consult any additional
disclosures that IMI may make in any documents which it publishes and/or files
from time to time.
Notes to editors
IMI plc is a global leader in fluid and motion control. Its innovative
solutions, built around valves and actuators, enable vital sectors to become
safer, more productive and more energy efficient. IMI combines world-class
applications engineering expertise with a continued focus on commercial
excellence, market-led innovation and continuous improvement to solve its
customers most acute engineering problems. IMI employs approximately 10,000
people, has manufacturing facilities in 18 countries and operates a global
service network. IMI is a member of the FTSE 100 and is listed on the London
Stock Exchange. Further information is available at www.imiplc.com
(https://imiplc.sharepoint.com/sites/GroupFinance075/Shared%20Documents/Year%20End/YEAR%20DEC25/Prelim/www.imiplc.com)
.
Brand materials can be found here (https://imi-brand.com/d/R4M1Xza3ZLYE) .
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