Sales and profits up at IMI
Pre-tax profits have soared 64 per cent over the past year at Birmingham-based engineering giant IMI. The company’s board said it now expects to invest an additional £45m in new sales and engineering resources over the next three years.
Reported pre-tax profits were up 64 per cent to £306.1m for the year ending 31 December 2010. Revenue also soared to £1.9bn, up 7 per cent on the company’s 2009 result.
Adjusted pre-tax profit was up 44 per cent to £304.4m.
Norman Askew, chairman of IMI, said: "IMI delivered a very strong set of results in 2010 with record profits, margins and earnings. We are now well placed for the next stage in the group's development and have detailed plans to accelerate growth, deliver further margin improvement and make greater use of our strong balance sheet in delivering value enhancing acquisitions.
"In light of this performance, and our confidence in future prospects we are pleased to raise the final dividend by 29 per cent.
"We remain optimistic that the group will continue to make good progress in 2011."
Following its positive results, the company said it now planned to invest an additional £45m, spread over the next three years, in new sales and engineering resources. The investment would help accelerate the company’s growth, said the chairman.
