“2014 was a year of good progress for the Group. In particular, in the first half of the year
we undertook a detailed strategic review of all our activities and developed a robust growth
plan to harness the Group’s full potential and deliver accelerated growth and long-term
shareholder value.”
Highlights
• Delivered another set of positive results
with organic revenue growth of 2% and
adjusted EPS growth of 7%
• Recommending a 7% increase in the
full year dividend
• New strategic plan embedded across
the Group
• Strategic initiatives beginning to deliver
• Acquired the global power generation
valve specialist Bopp & Reuther in
January 2015, significantly enhancing
the Group’s presence in the attractive
power sector
• Disposed of two non-core businesses
to increase focus on specialist flow
control activities
• 14 new products launched by IMI
Hydronic Engineering
* On an organic basis, after adjusting for the impact of acquisitions, disposals and
movements in exchange rates, see Section 2.1.1 on page 94.
Revenue
+2%*
£1,686m
£1,686m
£1,744m
2013
2014
Adjusted profit before tax
-7%
£278.1m
£278.1m
£297.7m
300
200
100
2013
2014
Reported profit before tax
-1%
£245.7m
£245.7m
£249.3m
300
200
100
2013
2014
Adjusted basic earnings per share
+7%
78.0p
78.0p
72.6p
2013
2014
Segmental operating margin
-70bps
17.7%
17.7%
18.4%
2013
2014
15
20
10
5
60
80
40
20
1500
2000
1000
500
30
40
20
10
Total dividend for year
+7%
37.6p
37.6p
35.3p
2013
2014
Roberto Quarta
Chairman
1
Strategic Review
Performance Review
Corporate Governance
Financial Statements
Introduction
Annual Report and Accounts 2014
Introduction
