IMI enjoys record year

3rd Mar 2011 07:51

An increase in demand and cost cutting helped engineer IMI grow full-year profits by 44% to a new record, though the search for a new chairman goes on.Profit from continuing operations before tax and exceptional items rose to £304.4m from £211.7m in 2009 on revenue up 7% to £1.91bn. Reported profit leapt 64% to £306.1m and organic sales growth was 6%.The fluid power business increased operating profit to £113.7m from £32.8m on revenue up to £685m from £520m. Indoor climate profit was up to £70.3m from £60.7m as revenue added £4m to £296m. "IMI delivered a very strong set of results in 2010 with record profits, margins and earnings," chairman Norman Askew said Thursday. "We are now well placed for the next stage in the group's development."Askew, who joined the board as chairman in May 2005 after running Virginia Power and BNFL, wants to retire this year, but is waiting for the company to find a replacement. "We remain optimistic that the group will continue to make good progress in 2011," he added.A 29% increase in the final dividend to 17p a share tales the total payout for the year up 23% to 26p.