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IMI Plc FY20 Profit Rises, Revenues Down; Cuts Dividend; Issues FY21 Adj. EPS View

IMI plc (IMI.L), a specialist engineering company, reported Friday that its fiscal 2020 profit before tax grew 13 percent to 214 million pounds from last year's 189 million pounds.

Basic earnings per share were 62.7 pence, up 9 percent from 57.6 pence a year ago.

Adjusted profit before tax was 274 million pounds, compared to 251 million pounds last year. Adjusted earnings per share were 79.7 pence, compared to 73.2 pence last year.

The company recorded improved margins in all three divisions.

Revenue for the year, meanwhile, dropped 3 percent to 1.83 billion pounds from prior year's 1.87 billion pounds. Organically, revenues fell 4 percent.

Further, the company said its Board is recommending a final dividend of 15.0 pence, down from last year's 26.2 pence. This makes total dividend for the year of 22.5 pence, a decrease versus last year's 41.1 pence.

Looking ahead, Roy Twite, Chief Executive, said, "Based on current market conditions, and assuming no worsening impact from Coronavirus, we expect the Group to deliver 2021 adjusted earnings per share of between 75p and 82p."

Separately, IMI announced the appointment of Ajai Puri as a non-executive director and member of the Nominations and Remuneration Committees with effect from March 1.

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