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IMI full-year profit little changed; to buy back shares
March 7, 2013 / 7:24 AM / 5 years ago

IMI full-year profit little changed; to buy back shares

(Reuters) - British engineer IMI Plc (IMI.L) reported a marginal rise in full-year adjusted pretax profit and said it planned to buy back up to 175 million pounds ($263 million) of its shares over the next 12 months.

The company, which specialises in fluid control systems such as valves and beverage dispensers, said it expected market conditions to remain subdued in the first half of 2013 but to improve gradually as the year progresses.

IMI also said it was looking to divest the majority of its merchandising business, which makes displays that improve in-store navigation and urge customers to make impulse buys.

The business contributed about 8 percent of revenue in 2012.

Adjusted pretax profit rose to 366.3 million pounds in the year to December 31, up slightly from 363.4 million pounds a year earlier. Revenue increased 3 percent to 2.19 billion pounds.

The company raised its final dividend to 20.7 pence per share from 19 a year earlier.

Shares of the company were up 3.25 percent at 1303 pence in early trade on the London Stock Exchange on Thursday.

Reporting by Karen Rebelo in Bangalore; Editing by Joyjeet Das and Ted Kerr

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