Shares in Birmingham-based IMI fell today despite the engineering group posting “another strong set of results” for 2013.
The Midland company, a specialist in fluid control systems such as valves for process flow for power, nuclear, oil and gas and petrochemical plants, revealed that its adjusted pretax profit rose eight per cent to £249.3 million.
The group’s performance was boosted by a surge in orders at its severe service division, which caters mainly to the energy market.
Annual revenues grew three per cent to £1.74 billion. The board recommended a final dividend of 22.5p per share, bringing the total payout to 35.3p, nine per cent up year on year.
IMI’s chairman, Roberto Quarta, said: “During 2013 we made significant progress in terms of our financial and strategic agendas. The Group delivered another strong set of results and, following the disposal of the Beverage Dispense and Merchandising divisions, IMI is now a specialist flow control company concentrated on industrial end markets.”